Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please use the same format so that it is easy to follow! Lansing, Inc. provides the following information for one of its department's operations for
Please use the same format so that it is easy to follow!
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 ((8,600 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) Department T conversion costs Current work (19,700 units started) Prior department costs Department T costs 41,030 11,110 100, 470 198,240 The ending inventory has 3,600 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 0 Units started this period Total units to account for 0 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 Flow of costs: $ 0 $ 0 $ 0 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 $ 0Step 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