Answered step by step
Verified Expert Solution
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
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 (17,780 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 equlvalent unlt" to 2 decimal places.) Physical Units Equivalent Units Prior Department Department Flow of units: 7.600 17,700 25,300 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 15.100 15,100 15,100 2.600 2.600 1,560 16,660 17,700 17,700 Total Prior Department Department T $ $ 38,554 5 217.910 256,484 28,630 72,570 101,200 9,924 145,340 155.264 $ s 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 s 10.680.00 $ 10.410.00 $ 0 $ s 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started