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can someone help me finish this problem and let me know if my answers are correct and explain how you got your totals. Exercise 8-41
can someone help me finish this problem and let me know if my answers are correct and explain how you got your totals.
Exercise 8-41 (Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2,4,5) Lansing, Inc. provides the following information for one of its department's operations for June (no new material is added in Department T) MIP inventory-Department Beginning inventory (9,200 units, 28% complete with respect to Department T costs) Transferred in costs (from Departments) $ 49,430 Department T conversion costs 13,760 Current work (20,900 units started) Prior department costs 119,130 Department costs 235,440 The ending Inventory has 4.200 units, which are 50 percent complete with respect to Department T costs and 100 percent complete for prior department costs Required: Complete the production cost report using FIFO (Round "Cost per equivalent unit" to 2 decimal places.) Physical Units Equivalent Units Prior Department Department Flow of units Units to be accounted for Units Department 9,200 20,900 30.100 Flow of units Units to be accounted for Beginning WIP inventory Units started this period Total units to account for Units accounted for Completed and transferred out From beginning WIP inventory Prior department Department Started and completed currently Units in ending WIP inventory Prior department Department T Total units accounted for 9.200 0 2.100 16,700 16700 16,700 4200 4,200 2,100 20.900 30.100 20,900 Total Prior Department Department Flow of costs Costs to be accounted for Costs in beginning WIP inventory Current period costs $63.190 s 49.430 5 13.760 Anl 1270 Prey 4 of 18 Next > $ 63,1905 49,430 $ 13.760 $ 63,190 $ 49.430 $ 13.760 Flow of costs Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Prior department Department Costs accounted for Costs assigned to units transferred out Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Prilor department Department Current costs of units started and completed Prior department Department Total cost transferred out Cost of ending WIP Inventory Prior department Department Total cost accounted for S 05 ols 05 05
can someone help me finish this problem and let me know if my answers are correct and explain how you got your totals.
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