Exercise 8-41 (Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5)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 (8,600 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S)$41,030Department T conversion costs 11,110Current work (19,700 units started) Prior department costs 100,470Department T costs 198,240 The ending inventory has 3,600 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.)

The equivalent units are calculated ion the basis of percentage of the work completed during the…

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

Exercise 8-41 (Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5)

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 (8,600 units, 20% complete with respect to Department T costs)
Transferred-in costs (from Department S)	$	41,030
Department T conversion costs		11,110
Current work (19,700 units started)
Prior department costs		100,470
Department T costs		198,240

The ending inventory has 3,600 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.)

Expert Solution