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: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Exercise 8-42 (Algo) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 3, 4, 6)

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:

a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)

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