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
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
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 3CMA: Kimbeth Manufacturing uses a process cost system to manufacture dust density sensors for the mining...
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