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
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 (7,90 units, 20 complete with respect to Department T costs) Transferred-in costs (from Department 5) Department T conversion costs Current work (18,300 units started) Prior departant costs Department T costs $ 32,140 8,556 80,520 164,220 The ending inventory has 2.900 units, which are 60 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.) 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 (7,900 units, 20% complete with respect to Department T costs) Transferred-in costs (fron Department 5) Department T conversion costs Current work (18,300 units started) Prior department costs Department T costs $ 32,140 8,556 10,520 164, 220 The ending inventory has 2.900 units, which are 60 percent complete with respect to Department T costs and 100 percent complete for prior department costs A Required: Complete the production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.) Total Prior Department Department s 0 $ 0 $ 0 os 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 Prior department Department Current costs of units started and completed Prior department Department Total costs transferred out Cost of ending WIP inventory Prior department Department T Total casts accounted for 0 $ 0 $ 0 $ ols ols 0

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

Financial accounting

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

9th edition

978-0132751216, 132751127, 132751216, 978-0132751124

More Books

Students also viewed these Accounting questions