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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 ((7,900 units, 20% complete with respect to Department T costs) | ||
Transferred-in costs (from Department S) | $ | 32,140 |
Department T conversion costs | 8,556 | |
Current work (18,300 units started) | ||
Prior department costs | 80,520 | |
Department T costs | 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:
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 | ||
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 | |||
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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