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 $ 24,553 8,005 Quantity Information is obtained from the manufacturing records and includes the following: 145,832 72,740 Costs of goods transferred out Costs in ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,800 units 19,000 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.
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 $ 24,553 8,005 Quantity Information is obtained from the manufacturing records and includes the following: 145,832 72,740 Costs of goods transferred out Costs in ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,800 units 19,000 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.
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
$ 24,553
8,005
145,832
72,740
Quantity Information is obtained from the manufacturing records and includes the following:
Beginning inventory
Current period units started
Ending inventory
Costs of goods transferred out
Costs in ending inventory
6,000 units (40% complete as to materials, 15% complete as to conversion)
44,800 units
19,000 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%2F9bf292d2-e729-48b8-8c82-eab17d00681d%2Fgziciwm_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
$ 24,553
8,005
145,832
72,740
Quantity Information is obtained from the manufacturing records and includes the following:
Beginning inventory
Current period units started
Ending inventory
Costs of goods transferred out
Costs in ending inventory
6,000 units (40% complete as to materials, 15% complete as to conversion)
44,800 units
19,000 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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