Lansing, Inc., provides the following information for one of its department's operations for June (no...
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Accounting
Lansing, Inc., provides the following information for one of its department's operations for June (no new material is added in Department T).
WIP inventoryDepartment T
Beginning inventory (15,000 units, 60% complete with respect to Department T costs)
Transferred-in costs (from Department S)
$ 116,000
Department T conversion costs
53,150
Current work (35,000 units started)
Prior department costs
280,000
Department T costs
209,050
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.
how do you Prepare a production cost report using FIFO.
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