Required information 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 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 $ 24,553 8,005 Quantity information is obtained from the manufacturing records and includes the following: 145,832 72,740 Cost of goods transferred out Cost of ending inventory 6,000 units (48 % complete as to materials, 15% complete as to conversion) 44,800 units 19,000 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.
Required information 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 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 $ 24,553 8,005 Quantity information is obtained from the manufacturing records and includes the following: 145,832 72,740 Cost of goods transferred out Cost of ending inventory 6,000 units (48 % complete as to materials, 15% complete as to conversion) 44,800 units 19,000 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Required information
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 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.
$ 24,553
8,005
Quantity information is obtained from the manufacturing records and includes the following:
145,832
72,740
Cost of goods transferred out.
Cost of ending inventory
6,000 units (48 % complete as to materials, 15% complete as to conversion)
44,800 units
19,000 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa4f8b7f-5983-4de5-ad25-1ed2edc45269%2F1e135862-98b5-42ba-90f8-155e48b0f222%2Fl3lppjk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
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 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.
$ 24,553
8,005
Quantity information is obtained from the manufacturing records and includes the following:
145,832
72,740
Cost of goods transferred out.
Cost of ending inventory
6,000 units (48 % complete as to materials, 15% complete as to conversion)
44,800 units
19,000 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.
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