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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 | $ 21,053 |
Conversion costs | 6,955 |
Current period costs | |
Direct materials | 120,247 |
Conversion costs | 52,265 |
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 | 44,100 | units | |
Ending inventory | 12,000 | 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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