! Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average 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 $ 21,053 6,955 Quantity information is obtained from the manufacturing records and includes the following: 120, 247 52,265 Costs of goods transferred out Costs in ending inventory 6,000 units 44,100 units 12,000 units (40% complete as to materials, 15 % complete as to conversion) (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 weighted-average method. Note: Do not round intermediate calculations.
! Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average 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 $ 21,053 6,955 Quantity information is obtained from the manufacturing records and includes the following: 120, 247 52,265 Costs of goods transferred out Costs in ending inventory 6,000 units 44,100 units 12,000 units (40% complete as to materials, 15 % complete as to conversion) (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 weighted-average method. Note: Do not round intermediate calculations.
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 weighted-average 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
$ 21,053
6,955
Quantity information is obtained from the manufacturing records and includes the following:
120, 247
52,265
Costs of goods transferred out
Costs in ending inventory
6,000 units (40% complete as to materials, 15% complete as to conversion)
44,100 units
12,000 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 weighted-average method.
Note: Do not round intermediate calculations.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdaa9c2a8-293b-4624-94e3-03ffc596088c%2F63cb85cf-d6ea-4aeb-b96c-0f171878f1d5%2Fw2g0ylr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
Annin Laboratories uses the weighted-average 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
$ 21,053
6,955
Quantity information is obtained from the manufacturing records and includes the following:
120, 247
52,265
Costs of goods transferred out
Costs in ending inventory
6,000 units (40% complete as to materials, 15% complete as to conversion)
44,100 units
12,000 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 weighted-average method.
Note: Do not round intermediate calculations.
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