stuck on this problem. please help! Requlred:a. Complete the production cost report using the welghted-average method. (Round "CosPhysical UnitsEquivalent UnitsPriorDepartmentDepartment TFlow of units:Units to be accounted for:Beginning WIP inventory8,700Units started this period19,000Total units to account for27,700Units accounted for:Completed and transferred out24,00024,00024,000Units in ending inventory3,700Prior departmentDepartment TTotal units accounted for27,70024,00024,000PriorTotalDepartment TDepartmentFlow of costs:Costs to be accounted for.Costs in beginning WIP inventory42,30010,338Current period costs103,400190,350Total costs to be accounted for145,700$ 200,688Cost per equivalent unitPrior departmentDepartment TCosts accounted for:Costs assigned to units transferred outCosts of ending WIP inventoryTotal costs accounted for Lansing, Inc. provides the following information for one of Its department's operations for June (no new materlal Is added InDepartment T).WIP inventory-Department TBeginning inventory ((8, 700 units, 20% complete with respect toDepartment T costs)Transferred-in costs (from Department S)Department T conversion costsCurrent work (19,900 units started)Prior department costsDepartment T costs$ 42,38010,338103,480190,350The ending Inventory has 3,700 units, which are 60 percent complete with respect to Department T costs and 100 percent completefor prior department costs.Required:a. Complete the production cost report using the welghted-average method. (Round "Cost per equlvalent unit" to 2 decimal places.)

Solution: Lansing Inc. Particulars Physical units Equivalent units Prior Department…

Lansing, Inc. provides the following information for one of Its department's operations for June (no new materlal Is added In Department T). WIP inventory-Department T Beginning inventory ((8, 700 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) Department T conversion costs Current work (19,900 units started) Prior department costs Department T costs $442,380 10,338 103,480 190, 350 The ending Inventory has 3,700 units, which are 60 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Requlred: a. Complete the production cost report using the weighted-average method. (Round "Cost per equlvalent unit" to 2 decimal places.)

Lansing, Inc. provides the following information for one of Its department's operations for June (no new materlal Is added In Department T). WIP inventory-Department T Beginning inventory ((8, 700 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) Department T conversion costs Current work (19,900 units started) Prior department costs Department T costs $442,380 10,338 103,480 190, 350 The ending Inventory has 3,700 units, which are 60 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Requlred: a. Complete the production cost report using the weighted-average method. (Round "Cost per equlvalent unit" to 2 decimal places.)

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...

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Exercise 8-41 (Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) 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) $ 41,030 Department T conversion costs 11,110 Current work (19,700 units started) Prior department costs 100,470 Department T costs 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: Complete the production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.)