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)$37,100Department T conversion costs 9,842Current work (19,100 units started) Prior department costs 91,680Department 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.)

Part 2: Explanation 1. Calculate Equivalent Units: - Transferred-in Costs: - Beginning WIP…

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

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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.)

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