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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 ((7,800 units, 25% complete with respect to Department T costs) | ||
Transferred-in costs (from Department S) | $ | 30,950 |
Department T conversion costs | 11,200 | |
Current work (18,100 units started) | ||
Prior department costs | 77,830 | |
Department T costs | 157,850 | |
The ending inventory has 2,800 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.)
Physical Units Equivalent Units Prior Department Department T 0 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 0 0 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 $ 0 $ 0 $ 0 Total Prior Department Department T 0 $ 0 $ 0 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 $ 0 $ 0 0
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