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Lansing, Inc. provides the following information for one of its departments operations for June (no new material is added in Department T). WIP inventoryDepartment T
Lansing, Inc. provides the following information for one of its departments operations for June (no new material is added in Department T).
WIP inventoryDepartment T | ||
Beginning inventory ((8,400 units, 20% complete with respect to Department T costs) | ||
Transferred-in costs (from Department S) | $ | 38,390 |
Department T conversion costs | 7,480 | |
Current work (19,300 units started) | ||
Prior department costs | 94,570 | |
Department T costs | 145,920 | |
The ending inventory has 3,400 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.)
Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out Units in ending inventory Prior department Department T Total units accounted for Total Prior Department Department T 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 T Costs accounted for: Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for
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