Exercise 8-41 & 8-42 (Static) (LO 8-2, 3) [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 20,553 6,805 Beginning inventory Current period units started Ending inventory 225,147 117,460 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units (40% complete as to materials, 15 % complete as to conversion) 44,000 units 11,000 units (75% complete as to materials, 35% complete as to conversion)
Exercise 8-41 & 8-42 (Static) (LO 8-2, 3) [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 20,553 6,805 Beginning inventory Current period units started Ending inventory 225,147 117,460 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units (40% complete as to materials, 15 % complete as to conversion) 44,000 units 11,000 units (75% complete as to materials, 35% complete as to conversion)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Exercise 8-41 & 8-42 (Static) (LO 8-2, 3)
[The following information applies to the questions displayed below.]
Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting
records show the following information for February:
Beginning WIP inventory
Direct materials
Conversion costs
Current period costs
Direct materials
Conversion costs
Beginning inventory
Current period units started
Ending inventory
$ 20,553
6,805
Quantity information is obtained from the manufacturing records and includes the following:
225, 147
117,460
Costs of goods transferred out
Costs in ending inventory
6,000 units (40% complete as to materials, 15% complete as to conversion)
44,000 units
11,000 units (75% complete as to materials, 35% complete as to conversion)
Exercise 8-42 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average
Method (LO 8-2, 3)
Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method.
Note: Do not round intermediate calculations.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe2696f95-227f-46e7-abd0-f9ae38c48970%2Fa1a2846c-d4de-42c0-bde8-a71352878f13%2Fmzcsur7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 8-41 & 8-42 (Static) (LO 8-2, 3)
[The following information applies to the questions displayed below.]
Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting
records show the following information for February:
Beginning WIP inventory
Direct materials
Conversion costs
Current period costs
Direct materials
Conversion costs
Beginning inventory
Current period units started
Ending inventory
$ 20,553
6,805
Quantity information is obtained from the manufacturing records and includes the following:
225, 147
117,460
Costs of goods transferred out
Costs in ending inventory
6,000 units (40% complete as to materials, 15% complete as to conversion)
44,000 units
11,000 units (75% complete as to materials, 35% complete as to conversion)
Exercise 8-42 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average
Method (LO 8-2, 3)
Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method.
Note: Do not round intermediate calculations.
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