Required information [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 $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 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) 45,200 units 23,000 units (75% complete as to materials, 35% complete as to conversion) compute the cost of goods transferred out and the ending inventory for February using the FIFO method. lote: Do not found intermediate calculations Pound your final answers to the ole della
Required information [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 $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 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) 45,200 units 23,000 units (75% complete as to materials, 35% complete as to conversion) compute the cost of goods transferred out and the ending inventory for February using the FIFO method. lote: Do not found intermediate calculations Pound your final answers to the ole della
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[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
$ 26,553
8,605
Beginning inventory
Current period units started.
Ending inventory
159,792
82,020
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)
45,200 units
23,000 units (75% complete as to materials, 35% complete as to conversion)
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%2Fc97086c7-c94a-48d8-b3b5-d2a83e69d7cc%2F9beb19d8-c91a-4dd5-9028-dab1a81bebec%2F802jfw4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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
$ 26,553
8,605
Beginning inventory
Current period units started.
Ending inventory
159,792
82,020
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)
45,200 units
23,000 units (75% complete as to materials, 35% complete as to conversion)
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.
Transcribed Image Text:Quantity information is obtained from the manufacturing records and includes the following:
Beginning inventory
Current period units started
Ending inventory
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 out
Cost of ending inventory
$
$
6,000 units (40% complete as to materials, 15% complete as to conversion)
45,200 units
23,000 units (75% complete as to materials, 35% complete as to conversion)
82,674
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