Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records...
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Accounting
Annin Laboratories uses the FIFO method to account for its workinprocess inventories. The accounting records show the following information for February:
Beginning WIP inventory
Direct materials $
Conversion costs
Current period costs
Direct materials
Conversion costs
Quantity information is obtained from the manufacturing records and includes the following:
Beginning inventory units complete as to materials, complete as to conversion
Current period units started units
Ending inventory units complete as to materials, complete as to conversion
Exercise Algo Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method LO
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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