Exercise 8-43 & 8-44 (Algo) (LO 8-5)[The following information applies to the questions displayed below.]Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show thefollowing information for February:Beginning WIP inventoryDirect materialsConversion costsCurrent period costsDirect materialsConversion costs$ 24,0537,855142,26770,145Quantity information is obtained from the manufacturing records and includes the following:Beginning inventoryCurrent period units startedEnding inventory6,000 units (40% complete as to materials, 15% complete as to conversion)44,700 units18,000 units (75% complete as to materials, 35% complete as to conversion)Exercise 8-44 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8-5)Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.Cost of goods transferred outCost of ending inventory

Step-by-step calculation:1. Determine the Equivalent Units:For Direct Materials:• Beginning…

Answered: Exercise 8-43 & 8-44 (Algo) (LO 8-5)…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for...

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Exercise 8-43 & 8-44 (Static) (LO 8-5) [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs. Beginning inventory Current period units started Ending inventory Quantity information is obtained from the manufacturing records and includes the following: $ 20,553 6,805 225,147 117,460 Cost of goods transferred out Cost of ending inventory Exercise 8-44 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8- 5) $ 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,000 units 11,000 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 FIFO method. Note:…
Required information Exercise 8-33 & 8-34 (Algo) (LO 8-2, 3) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 970 347 Quantity information is obtained from the manufacturing records and includes the following. 14,330 6,997 Costs of goods transferred out Costs in ending inventory 700 units (70% complete as to materials, 55% complete as to conversion) 4,500 units 1,400 units (50% complete as to materials, 20% complete as to conversion) Exercise 8-34 (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…
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 30,053 9,655 Quantity information is obtained from the manufacturing records and includes the following: 183,067 94,025 Cost of goods transferred out Cost of ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 45,900 units 30,000 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 FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units 45,200 units (40% complete as to materials, 15% complete as to conversion) 23,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.
Exercise 8-35 & 8-36 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs. $ Beginning inventory Current period units started Ending inventory Quantity information is obtained from the manufacturing records and includes the following. 985 572 27,275 18,722 Cost of goods transferred out Cost of ending inventory 850 units Exercise 8-36 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8- 5) $41,086 X $ 4,911 X (70% complete as to materials, 60% complete as to conversion) 6,000 units 1,600 units (50% complete as to materials, 20% complete as to conversion) Compute the cost of goods transferred out and the ending inventory using the FIFO…
Required information Exercise 8-35 & 8-36 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 991 Conversion costs 332 Current period costs Direct materials 13,580 Conversion costs 8,844 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 650 units (60% complete as to materials,50% complete as to conversion) Current period units started 4,400 units Ending inventory 1,300 units (40% complete as to materials,20% complete as to conversion) Exercise 8-35 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required: a. Compute the equivalent units for the materials and…
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: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40 % complete as to materials, 15% complete as to conversion) 45,200 units 23,000 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. Costs of goods transferred out Costs in ending inventory
! 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: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40 % complete as to materials, 15% complete as to conversion) 45,200 units 23,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs.
[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: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 24,553 8,005 145,832 72,740 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,800 units 19,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs. Complete this question by entering your answers in the tabs below. Required A Required B Compute the cost per equivalent…
Required information Exercise 8-35 & 8-36 (Algo) (LO 8-5) Skip to question [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 980 Conversion costs 557 Current period costs Direct materials 26,600 Conversion costs 18,090 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (60% complete as to materials,50% complete as to conversion) Current period units started 5,900 units Ending inventory 1,500 units (40% complete as to materials,15% complete as to conversion) Exercise 8-35 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required: a. Compute the equivalent units for the…
! 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: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 23,553 7,705 Quantity information is obtained from the manufacturing records and includes the following: 138,672 67,440 Costs of goods transferred out Costs in ending inventory 6,000 units (48% complete as to materials, 15% complete as to conversion) 44,600 units 17,000 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. Answer is complete but not entirely correct. $ 181,994 S…
TB MC Qu. 8-74 (Algo) Bentwood Corporation uses the FIFO method in its... Bentwood Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work-in-process inventory: Units in beginning work-in-process inventory Material's costs 1,900 $ 36,100 $ 20,900 Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work-in-process inventory: Units in ending work-in-process inventory Percent complete with respect to materials Percent complete with respect to conversion 70% 25% 9, зе 8,100 $156, 200 $255,5e0 3,100 80% 35% What are the equivalent units for materlals for the month in the first processing department? Multiple Choice Activate Window

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