Lansing, Inc. provides the following information for one of ts department's operations for June no new material is added in Department T). WIP inventery-epartent heginning inestery (15,0 its, eomplete wita respect to Departeent T coeta) Transferred-ia coate (fro Departent ) Departnent T eonversion coste Current work (35,000 snite started) Prier departaent conte Departaent t costa 16,000 $3, 15 20,00 209,0s0 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)
Lansing, Inc. provides the following information for one of ts department's operations for June no new material is added in Department T). WIP inventery-epartent heginning inestery (15,0 its, eomplete wita respect to Departeent T coeta) Transferred-ia coate (fro Departent ) Departnent T eonversion coste Current work (35,000 snite started) Prier departaent conte Departaent t costa 16,000 $3, 15 20,00 209,0s0 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Complete the production cost report using FIFO.
Transcribed Image Text:From beginning WP inventory
Pror department
DepartmentT
Started and completed ourently
Units in ending WiP inventory
Prior department
Department T
Total units acoounted for
Prior
Department
Department T
Total
Flow of costs:
Costs to be accounted for
Costs in beginning WIP inventory
Curent period costs
Total costs to be accounted for
Cost per equivalent unit
Prior department
Department T
Costs accounted for:
Costs assigned lo units transfered out
Costs from beginning WIP invertory
Curent costs added to complete beginning WIP inventory
Pror department
Department T
Cuent costs of units started and completed
Prior department
Department T
Total costs transforred out
Cost of ending WIP inventory
Prior department
Department T
Tota costs accounted for
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-bepartment T
beginning inventory (15,00 unite, 60 eomplete with respect to
Departnent T coste)
Tranaferred-in costa (from Departnent )
Departnent T conversion coste
Current vork (35,000 unite started)
Prior departaent costa
Department T costa
B116,000
53,150
280,000
209,0s0
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.)
Equivalent Units
Physical
Units
Prior
Department
Department T
Flow of units
Unts to be accounted for
Beginning WIP invertory
Units started this period
Total units to account for
Units accounted for
Compieted and transferred out
From beginning WIP inventory
Prior department
Departmont T
Surted and compieted curerty
Units in ending WiP inventory
Pror department
Department T
Tota units acOounted for
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