Lansing, Inc. provides the following information for one of its department's operations for June (no new material is added inDepartment T).WIP inventory-Department TBeginning inventory (15,000 units, 608 complete with respect toDepartnent T costs)Transferred-in costa (from Department S)Department T conversion contsCurrent work (35,000 units started)Prior department contsDepartnent T costs$116,00053,150280,000209,050The ending inventory has 5,000 units, which are 20 percent complete with respect to Department T costs and 100 percent completefor prior department costs.Required:Complete the production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.) Equivalent UnitsPhysicalUnitsPriorDepartment TDepartmentFlow of units:Units to be accounted for:Beginning WIP inventoryUnits started this periodTotal units to account forUnits accounted for:Completed and transferred outFrom beginning WIP inventoryPrior departmentDepartment TStarted and completed currentlyUnits in ending WIP inventoryPrior departmentDepartment TTotal units accounted forPriorTotalDepartment TDepartmentFlow of costs:Costs to be accounted for:Costs in beginning WIP inventoryCurrent period costsTotal costs to be accounted forCost per equivalent unitPrior departmentDepartment TCosts accounted for:Costs assigned to units transferred out:Costs from beginning WIP inventoryCurrent costs added to complete beginning WIP inventoryPrior departmentDepartment TCurrent costs of units started and completed:Prior departmentDepartment TTotal costs transferred outCost of ending WIP inventoryPrior departmentDepartment TTotal costs acOounted for

Process costing is a method of cost accounting, which is used where there is continuous production…

Answered: Lansing, Inc. provides the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ABC company accumulated the following cost in Department B During the Month of November: 田 Cost Transferred from Dept. A Material Total P 17,050 184.000 P 201,050 Conversion Costs P 5,450 104.000 P 109,450 P 22,500 322,000 P344,500 Beginning Inventory Current Period Cost Р 34.000 P 34,000 Production for November in Department B (in units): 2,000 60% complete 20,000 5,000 40% complete WIP-November 1 Complete period transferred WIP-November 30 Materials are not added in Department B until the very end of processing Department B. Required: Compute the value of ending WIP Using FIFO method:
Haze Company had 6,400 units of work-in-process inventory in department A on October 1, 2022. These units were 60% complete as to conversion. Direct materials are added at the beginning of the process. During the month of October, 27,200 units were started and 28,800 units were completed. Waling-Waling had 4,800 units of work-in-process inventory on October 31, 2022. These units were 20% incomplete as to conversion cost.By how much did the direct materials EUP for the month of October using average method exceed the direct materials EUP for the same month using FIFO method? By how much did the conversion cost EUP for the month of October using average method exceed the conversion EUP for the same month using FIFO method?
Waling-waling Company had 6,400 units of work-in-process inventory in department A on October 1, 2022. These units were 60% complete as to conversion. Direct materials are added at the beginning of the process. During the month of October, 27,200 units were started and 28,800 units were completed. Waling-Waling had 4,800 units of work-in-process inventory on October 31, 2022. These units were 20% incomplete as to conversion cost. 1.) By how much did the conversion cost EUP for the month of October using average method exceed the conversion EUP for the same month using FIFO method? 2.) By how much did the direct materials EUP for the month of October using average method exceed the direct materials EUP for the same month using FIFO method?
Subject: accounting
The information relating to process1 of a two-stage production process is as fallows for August 2019. Opening inventory 500 units (degree of completion 60%) Cost to date RO 2,800. Costs incurred in August 2019 Direct materials (2,500 units introduced) RO 13,200. Direct labor RO 6,600 Production overhead RO 6,600 Closing inventory 300 units (Degree of completion 80%) There was no loss in the process. Prepare Process Account for the month of august. Prepare (a) Statement of Equivalent Production Equivalent Units Material Output Items Input Units Units Labgur P. Overheads Qty Qty Qty b) Statement of Cost Equivalent Units Element of Cost Cost Cost per unit Material abou Overheads c.) statement of valuation Material Labour Overheads Total Einished Goods Closing WIP
Production data for the month of September was: 13,400 units Completed and Transferred out 4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material
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 (8,300 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) $ 37,100 Department T conversion costs 9,842 Current work (19,100 units started) Prior department costs 91,680 Department T costs 183,150 The ending inventory has 3,300 units, which are 60 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.)
During May, the number of equivalent units of materials applied to units produced by Department Q totaled 48,000, computed as follows: beginning inventory, 5,000 equivalent units; units started and completed in May, 37,000 equivalent units; and ending inventory, 6,000 equivalent units. On the basis of this information, which of the following statements is true? Multiple Choice There were more units in Department Q's ending inventory than in Department Q's beginning inventory for May. Department Q completed 48,000 units of product during May. The number of units transferred in May from Department Q to next process or department was 37,000. Department Q used enough materials during May to produce 48,000 equivalent units.
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) $ 49,430 Department T conversion costs 13,760 Current work (20,900 units started) Prior department costs 119,130 Department T costs 235,440 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. Required: Complete the production cost report using FIFO.
E4-5A Equivalent Units and Product Cost Report--Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019; Beginning inventory (700 units, 40% complete) Direct materials $ 2,905 Conversion costs $ 7,942 Current period Direct materials (5,000 units) 35,000 Direct labor 59,600 Manufacturing overhead applied 37,800 Joyner used the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following:…
Inventory at 31st Dec 2020 Time left 1:- ut of Jan 2020 Raw Materials Inventory OMR 20,000 OMR 35,000 Work in Process Inventory OMR 15,000 OMR 18,000 Finished Goods Inventory OMR 30,000 OMR 20,000 Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 80,000 Manufacturing overhead Actual OMR 85,000 Indirect materials OMR Compute the adjusted cost of goods sold.
Complete the production cost report using FIFO.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

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