Lansing, Inc. provides the following information for one of its department's operations for June (no new material is added in Department T):
WIP inventory-Department T
Beginning inventory (15,000 units, 60% complete with respect
to Department T costs) . . . . . . . . . . . . . . . . . . . . . .
Transferred-in costs (from Department S) . . . . . . . . . . . . $ 116,000
Department T conversion costs . . . . . . . . . . . . . . . . . . . . 53,150
Current work (35,000 units started)
Prior department costs . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,000
Department T costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209,050
The ending inventory has 5,000 units, which are 20 percent complete with respect to Department T costs and 100 percent complete for prior department costs.
Required
Prepare a production cost report using FIFO.