! 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. $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 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) 45,200 units 23,000 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. $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 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) 45,200 units 23,000 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.
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 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...
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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
$ 26,553
8,605
Beginning inventory
Current period units started
Ending inventory
159,792
82,020
Quantity information is obtained from the manufacturing records and includes the following:
6,000 units
45,200 units
(40% complete as to materials, 15% complete as to conversion)
23,000 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcaf13337-fb8a-4943-9515-20caf500f130%2Ffe0a14d8-8934-44a7-ad7b-46adb201b72b%2Fe6aharq_processed.png&w=3840&q=75)
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
$ 26,553
8,605
Beginning inventory
Current period units started
Ending inventory
159,792
82,020
Quantity information is obtained from the manufacturing records and includes the following:
6,000 units
45,200 units
(40% complete as to materials, 15% complete as to conversion)
23,000 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.
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