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 the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 22,553 7,405 Beginning inventory Current period units started Ending inventory 131,392 61,700 Quantity Information is obtained from the manufacturing records and includes the following: 6,000 units (48% complete as to materials, 15% complete as to conversion) 44,400 units 15,000 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)
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 the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 22,553 7,405 Beginning inventory Current period units started Ending inventory 131,392 61,700 Quantity Information is obtained from the manufacturing records and includes the following: 6,000 units (48% complete as to materials, 15% complete as to conversion) 44,400 units 15,000 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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