Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

image text in transcribed

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 ((8,000 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S Department T conversion costs 33,350 9,020 rent work(18,500 units started) 83,250 168,480 Department T costs The ending inventory has 3,000 units, which are 50 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Equivalent Units Physical Units Prior Department Department Flow of units Units to be accounted for Beginning WIP inventory Units started this period 0 Total units to account for Units accounted for Completed and transferred out Units in ending inventory Prior department Department T Total units accounted for 0 0 Prior Total Department T Department Flow of costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs 0 $ 0 Total costs to be accounted for Cost per equivalent unit Prior department Department T Costs accounted for Costs assigned to units transferred out Costs of ending WIP inventory 0$ 0 Total costs accounted for

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Energy Management Audit And Conservation

Authors: U. P. Kumar Chaturvedula

1st Edition

6202015985, 978-6202015981

More Books

Students also viewed these Accounting questions

Question

Why We Listen?

Answered: 1 week ago