Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. annin laboratories uses the weighted-average metho

Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records...

80.2K

Verified Solution

Question

Accounting

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 $ 20,553 Conversion costs 6,805 Current period costs Direct materials 225,147 Conversion costs 117,460 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 44,000 units Ending inventory 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 weighted-average method

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students