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 $ 21,553 7,105 Beginning inventory Current period units started Ending inventory 123,992 55,520 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) 44,200 units 13,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.
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 $ 21,553 7,105 Beginning inventory Current period units started Ending inventory 123,992 55,520 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) 44,200 units 13,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me with show all calculation thanku
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Part 1 of 2
R
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
Beginning inventory
Current period units started
Ending inventory
$ 21,553
7,105
Quantity information is obtained from the manufacturing records and includes the following:
123,992
55,520
6,000 units (40% complete as to materials, 15% complete as to conversion)
44,200 units
13,000 units (75% complete as to materials, 35% complete as to conversion)
Required:
a. Compute the equivalent units for the materials and conversion cost calculations.
b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.
Required B
Complete this question by entering your answers in the tabs below.
Required A
Compute the equivalent units for the materials and conversion cost calculations.
Equivalent units for materials
Equivalent units for conversion costs
< Required A
Required B >
3₂
CI](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ff57eeb-02cd-4ad2-bfa7-7cf3c326946a%2F98d111f9-3f94-4c24-85b5-ac372a9ea94b%2F202qmhj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4
Part 1 of 2
R
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
Beginning inventory
Current period units started
Ending inventory
$ 21,553
7,105
Quantity information is obtained from the manufacturing records and includes the following:
123,992
55,520
6,000 units (40% complete as to materials, 15% complete as to conversion)
44,200 units
13,000 units (75% complete as to materials, 35% complete as to conversion)
Required:
a. Compute the equivalent units for the materials and conversion cost calculations.
b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.
Required B
Complete this question by entering your answers in the tabs below.
Required A
Compute the equivalent units for the materials and conversion cost calculations.
Equivalent units for materials
Equivalent units for conversion costs
< Required A
Required B >
3₂
CI
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