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 $ 28,053 9,055 169,947 87,825 Quantity Information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (48% complete as to materials, 15% complete as to conversion) 45,500 units 26,000 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. Cost of goods transferred out $ 193,334 Cost of ending inventory

Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
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Chapter3: Process Cost Systems
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Problem 3CMA: Kimbeth Manufacturing uses a process cost system to manufacture dust density sensors for the mining...
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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
$ 28,053
9,055
169,947
87,825
Quantity Information is obtained from the manufacturing records and includes the following:
Beginning inventory
Current period units started
Ending inventory
6,000 units (48% complete as to materials, 15% complete as to conversion)
45,500 units
26,000 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.
Cost of goods transferred out
$
193,334
Cost of ending inventory
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 $ 28,053 9,055 169,947 87,825 Quantity Information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (48% complete as to materials, 15% complete as to conversion) 45,500 units 26,000 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. Cost of goods transferred out $ 193,334 Cost of ending inventory
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