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Lansing, Inc. provides the following information for one of its department’s operations for June (no new...

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Accounting

Lansing, Inc. provides the following information for one of itsdepartment’s operations for June (no new material is added inDepartment T):

WIP inventory—Department T
Beginning inventory (8,500 units, 30% complete with respect toDepartment T costs)
Transferred-in costs (from Department S)$39,700
Department T conversion costs15,190
Current work (19,500 units started)
Prior department costs97,500
Department T costs168,350

The ending inventory has 3,500 units, which are 60 percentcomplete with respect to Department T costs and 100 percentcomplete for prior department costs.

Required:

Complete the production cost report using FIFO. (Round"Cost per equivalent unit" to 2 decimal places.)

Answer & Explanation Solved by verified expert
4.5 Ratings (898 Votes)
Cost report is the step 4 STEP 1 Reconciliation of Units Units already completed completed this period Department S Department T Department S Department T Beginning WIP 8500 100 30 0 70 Units introduced 19500 Total units to be accounted for 28000 Completed and Transferred unit 24500 0 0 100 100 Ending WIP 3500 0 0 100 60 STEP 2 Equivalent Units Total Units Department S    See Answer
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