Exercise 8-41 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) 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 (15,000 units, 60% complete with respect to Department costs) Transferred-in costs (from Department 5) Department T conversion costs Current work (35,000 units started) Prior department costs Department I costs $ 116,000 53,150 280,000 209,050 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. Required: Complete the production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.) Physical Units Equivalent Units Prior Department Department T 15,000 35,000 50,000 Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out From beginning WIP inventory Prior department Department Started and completed currently Units in ending WIP inventory Prior department Department T Total units accounted for 0 0 0 Total Prior Department Department T Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Prior department Department T $ 0 $ 0 $ Costs accounted for: Costs assigned to units transferred out: Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Prior department Department T Current costs of units started and completed: Prior department Department Total costs transferred out Cost of ending WIP inventory Prior department Department Total costs accounted for $ CA 0 $ 0 $ 0 $ $ 0 $ 0 $ 0