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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

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 $ 27,053
Conversion costs 8,755
Current period costs
Direct materials 163,207
Conversion costs 84,065

Quantity information is obtained from the manufacturing records and includes the following:

Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion)
Current period units started 45,300 units
Ending inventory 24,000 units (75% complete as to materials, 35% complete as to conversion)

Exercise 8-42 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3)

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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