Question: Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Deginning WIP inventory

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

Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Deginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $27,053 8,755 163,207 04,065 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) 45,300 unit 24,000 units (75% complete as to materiale, 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

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