Complete the production cost report using FIFO. 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 (9,200 units, 201 complete with respect toDepartment T costs)Transferred-in costa (fron Departnent S)Departsent T converaion costsCurrent vork (20,900 unita started)Prior departnent costaDepartnent 7 costa$ 49,43013,760119,130235,440The ending Inventory has 4,200 units, which are 50 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 UnitsDepartmentPhysicalPriorDepartmentUnitsFlow of unitsUnits to be accounted forBeginning WIP inventoryUnits started this periodTotal units to account forUnts accounted forCompieted and transferred outFrom beginning WIP invertoryPrior departmentDepartment TStarted and completed currertyUnits in ending WIP inventoryPrior departmentDepartment TTotal units occounted forPriorDepartmentDepartmentTotalFlow of costs:Costs to bo accounted forNext Prior depDepartment TTotal units accounted forPriorDepartmentDepartmentTotalFlow of costsCosts to be accounted for:Costs in beginning WIP inventoryCurrent period costsTotal costs to be accounted forCost per equivalent unitPrior departmentDepartment TCosts accounted forCosts assigned to units transferred outCosts from beginning WIP inventoryCurent 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 accounted for

The question is based on the concept of Cost Accounting.

Lansing, Inc. provides the following information for one of its department's operations for June (no new materlal is added in Department T). WIP Laventory-bepartaent ? heginning inventery (,200 saits, 20 complete vith repect to Depacteent T costa) Transferred-in costa (fron bepartnent S) Department T eonversion costs Current vork (20,900 unita started) Prior departnent costa Departnent T costa $49,430 33,760 119,130 235,440 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. (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 materlal is added in Department T). WIP Laventory-bepartaent ? heginning inventery (,200 saits, 20 complete vith repect to Depacteent T costa) Transferred-in costa (fron bepartnent S) Department T eonversion costs Current vork (20,900 unita started) Prior departnent costa Departnent T costa $49,430 33,760 119,130 235,440 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. (Round "Cost per equivalent unit" to 2 decimal places)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Complete the production cost report using FIFO.

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 (9,200 units, 201 complete with respect to
Department T costs)
Transferred-in costa (fron Departnent S)
Departsent T converaion costs
Current vork (20,900 unita started)
Prior departnent costa
Departnent 7 costa
$ 49,430
13,760
119,130
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. (Round "Cost per equivalent unit" to 2 decimal places.)
Equivalent Units
Department
Physical
Prior
Department
Units
Flow of units
Units to be accounted for
Beginning WIP inventory
Units started this period
Total units to account for
Unts accounted for
Compieted and transferred out
From beginning WIP invertory
Prior department
Department T
Started and completed currerty
Units in ending WIP inventory
Prior department
Department T
Total units occounted for
Prior
Department
Department
Total
Flow of costs:
Costs to bo accounted for
Next

Prior dep
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 from beginning WIP inventory
Curent costs added to complete beginning WIP inventory
Prior department
Department T
Current costs of units started and completed:
Prior department
Department T
Total costs transferred out
Cost of ending WIP inventory
Prior department
Department T
Total costs accounted for

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