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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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