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
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![Required Information
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
Beginning inventory
Current period units started
Ending inventory
$ 22,553
7,405
Quantity Information is obtained from the manufacturing records and includes the following:
131,392
61,700
Cost of goods transferred out
Cost of ending inventory
6,000 units (40 % 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)
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F757782cb-e405-4e78-b390-67b1a958cdcd%2F23e90337-c7a3-467b-ab92-5783555eea70%2Fa1u003h_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
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
Beginning inventory
Current period units started
Ending inventory
$ 22,553
7,405
Quantity Information is obtained from the manufacturing records and includes the following:
131,392
61,700
Cost of goods transferred out
Cost of ending inventory
6,000 units (40 % 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)
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.
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