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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 I
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 I Beginning inventory ((8,900 units, 20% complete with respect to Department I costs) Transferred-in costs (from Department 5) Department T conversion costs Current work (20,300 units started) Prior department costs Department I costs $ 45, 140 9,696 109,620 181,020 The ending inventory has 3,900 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 T Department Department 8,9001 20,300 29,200 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 25,300 25,300 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 $
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