Exercise 8-43 & 8-44 (Algo) (LO 8-5)[The following information applies to the questions displayed below.]Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show thefollowing information for February:Beginning WIP inventoryDirect materialsConversion costsCurrent period costsDirect materialsConversion costs$ 24,0537,855142,26770,145Quantity information is obtained from the manufacturing records and includes the following:Beginning inventoryCurrent period units startedEnding inventory6,000 units (40% complete as to materials, 15% complete as to conversion)44,700 units18,000 units (75% complete as to materials, 35% complete as to conversion)Exercise 8-44 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-5)Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.Cost of goods transferred outCost of ending inventory

Step-by-step calculation:1. Determine the Equivalent Units:For Direct Materials:• Beginning…

Answered: Exercise 8-43 & 8-44 (Algo) (LO 8-5)…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Beginning of Year End of Year Inventories Raw materials inventory $ 6,300 $ 8,100 Work in process inventory 12, 600 9,300 Finished goods inventory 9, 100 5,800 Activity during current year Raw materials purchased $ 124,100 Direct labor 94,300 Factory overhead 39,900 QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $39,900 consists of Indirect labor of $20,300, Depreciation expense-Factory of $15,300, and Factory utilities of $4,300. Compute total manufacturing costs. Prepare a schedule of cost of goods manufactured.
TB MC Qu. 8-74 (Algo) Bentwood Corporation uses the FIFO method in its... Bentwood Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work-in-process inventory: Units in beginning work-in-process inventory Material's costs 1,900 $ 36,100 $ 20,900 Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work-in-process inventory: Units in ending work-in-process inventory Percent complete with respect to materials Percent complete with respect to conversion 70% 25% 9, зе 8,100 $156, 200 $255,5e0 3,100 80% 35% What are the equivalent units for materlals for the month in the first processing department? Multiple Choice Activate Window
Part B: Compute the cost per equivalent unit fir direct materials and conversion costs Please avoid solutions image based solutions thanku
es Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2,5) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 59,000 38,000 $ 97,000 $ 150,000 400,000 $ 550,000 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs. ⚫ Units started in July, 83,000 gallons. • Units transferred out in July. 93,000 gallons. • Ending inventory, 33,000 gallons, 70 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit Direct Materials $ 1.19 Conversion Costs $ 4.44
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please answer correct with reason A manufacturer used $100,000 of direct materials in its Roasting department. The journal entry to record the use of direct materials consists of a: Debit Raw Materials Inventory for $100,000; credit Work in Process Inventory—Roasting for $100,000. Debit Work in Process Inventory—Roasting for $100,000; credit Raw Materials Inventory for $100,000. Debit Work in Process Inventory—Roasting for $100,000; credit Accounts Payable for $100,000. Debit Raw Materials Inventory for $100,000; credit Accounts Payable for $100,000. Debit Work in Process Inventory—Roasting for $100,000; credit Cash for $100,000.

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