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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 T Beginning inventory ((9,200 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) Department T conversion costs Current work (20,900 units started) Prior department costs Department T costs. The ending inventory has 4,200 units, which are 50 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Flow of units: Units to be accounted for Beginning WIP inventory Units started this period Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Total units to account for I Inite accounted for $ 49,430 13,760 Physical Units 119, 130 235,440 Prior Department Equivalent Units Department T

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 ((9,200 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) Department T conversion costs Current work (20,900 units started) Prior department costs Department T costs. The ending inventory has 4,200 units, which are 50 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Flow of units: Units to be accounted for Beginning WIP inventory Units started this period Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Total units to account for I Inite accounted for $ 49,430 13,760 Physical Units 119, 130 235,440 Prior Department Equivalent Units Department T

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) 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 Flow of costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs 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 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 Physical Units Total Equivalent Units Prior Department Department T Prior Department Department T Total 1 Prior Department Department T
Transcribed Image Text:Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) 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 Flow of costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs 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 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 Physical Units Total Equivalent Units Prior Department Department T Prior Department Department T Total 1 Prior Department Department T
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 ((9,200 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) Department T conversion costs Current work (20,900 units started) Prior department costs Department T costs The ending inventory has 4,200 units, which are 50 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Flow of units: Units to be accounted for Beginning WIP inventory Units started this period Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Total units to account for I Inite accounted for $ 49,430* 13,760 Physical Units 119, 130 235,440 Prior Department Equivalent Units Department T
Transcribed Image Text: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 ((9,200 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) Department T conversion costs Current work (20,900 units started) Prior department costs Department T costs The ending inventory has 4,200 units, which are 50 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Flow of units: Units to be accounted for Beginning WIP inventory Units started this period Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Total units to account for I Inite accounted for $ 49,430* 13,760 Physical Units 119, 130 235,440 Prior Department Equivalent Units Department T
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