Prepare a Production Cost Report: FIFO Method
(LO 8-2, 4, 5)
Lansing, Inc. provides the following information forone of its department’s operations for June (no new material isadded in Department T):
WIP inventory—Department T
Beginning inventory (15,000 units, 60% complete with respect toDepartment 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 completewith respect to Department T costs and 100 percent complete forprior department costs.
Required
Prepare a production cost report using FIFO.
