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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 ((8,000 units, 20% complete with respect to Department I costs) Transferred-in costs (from Department ) Department T conversion costs Current work (18,500 units started) Prior department costs Department T costs $ 33, 350 9,020 83, 250 168,480 The ending inventory has 3,000 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 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 Total units accounted for Total Prior Department Department 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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