Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [ The following information applies to the questions displayed below. ] Annin Laboratories uses the weighted - average method to account for its

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:
\table[[Beginning WIP inventory,],[Direct materials,25,553],[Conversion costs,8,305],[Current period costs,152,872],[Direct materials,77,600],[Conversion costs,]]
Quantity information is obtained from the manufacturing records and includes the following:
\table[[Beginning inventory,6,000 units (40% complete as to materials, 15% complete as to conversion)],[Current period units started,45,000 units],[Ending inventory,21,000 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.
\table[[Costs of goods transferred out,],[Costs in ending inventory,]]
image text in transcribed

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

Laboratory Auditing For Quality And Regulatory Compliance

Authors: Donald C. Singer, Raluca-Ioana Stefan, Jacobus F. Van Staden

1st Edition

0367392461, 978-0367392468

More Books

Students also viewed these Accounting questions

Question

Carry out an interview and review its success.

Answered: 1 week ago