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 (15,000 units, 60% complete with respect to Department I costs) Transferred-in costs (from Department S) Department I conversion costs Current work (35,000 units started) Prior department costs Department T costs $116,000 53,150 280,000 209,050 The ending inventory has 5,000 units, which are 20 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Required: Complete the production cost report using FlIFO. (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 (15,000 units, 60% complete with respect to Department I costs) Transferred-in costs (from Department S) Department I conversion costs Current work (35,000 units started) Prior department costs Department T costs $116,000 53,150 280,000 209,050 The ending inventory has 5,000 units, which are 20 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Required: Complete the production cost report using FlIFO. (Round "Cost per equivalent unit" to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 (15,000 units, 60% complete with respect to
Department T costs)
Transferred-in costs (from Department S)
Department I conversion costs
Current work (35,000 units started)
Prior department costs
Department I costs
$116,000
53,150
280,000
209,050
The ending inventory has 5,000 units, which are 20 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.)
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