Answered step by step
Verified Expert Solution
Link Copied!

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 $ 29,553
Conversion costs 9,505
Current period costs
Direct materials 179,832
Conversion costs 92,640

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 45,800 units
Ending inventory 29,000 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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Oil And Gas Accounting

Authors: Charlotte Wright

6th Edition

9781593703639

More Books

Students also viewed these Accounting questions