Answered step by step
Verified Expert Solution
Link Copied!

Question

00
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

image text in transcribed

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 ((7,300 units, 25% complete with respect to Department T costs) Transferred-in costs (from Department s) Department T conversion costs Current work (18,100 units started) Prior department costs Department T costs 30,95 11, 2ee 77,830 157,850 The ending Inventory has 2,800 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 unlt" to 2 decimal places.) Physical Units Equivalent Units Prior Department Department 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 Costs accounted for Costs assigned to units transferred out

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions