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 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 ((9,100 units, 20% complete with respect to Department I costs) Transferred-in costs (from Department 5) Department I conversion costs Current work (20,700 units started) Prior department costs Department I costs $ 47,980 12,654 115,920 223, 890 The ending inventory has 4,100 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 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 $ 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
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