Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 ((8,700 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 $ 42,380 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. Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)

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 ((8,700 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 $ 42,380 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. Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

I need help with this accounting problem

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 ((8,700 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 $ 42,380 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. 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 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
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 ((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 $ 42,380 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. 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 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
Prior Department Department Total 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
Transcribed Image Text:Prior Department Department Total 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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS