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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
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 ((7,600 units, 25% complete with respect to Department T costs) Transferred-in costs (from Department S) Department T conversion costs Current work (17,700 units started) Prior department costs Department T costs $ 28,630 9,924 72, 570 145, 340 The ending inventory has 2,600 units, which are 60 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.) Physical Units Equivalent Units Prior Department Department T 7,600 7,600 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 Units in ending inventory Prior department Department T Total units accounted for 0 Total Prior Department Department Flow of costs: $ 0 $ $ 0 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 S 0 $ 0 S 0
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