Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started