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 $ 30,053 9,655 Beginning inventory Current period units started Ending inventory 183,067 94,025 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; 45,900 units 30,000 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 $ 30,053 9,655 Beginning inventory Current period units started Ending inventory 183,067 94,025 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; 45,900 units 30,000 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.

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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