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 departments 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.

Required:

Complete the production cost report using FIFO.

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 departments 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.

Required:

Complete the production cost report using FIFO.

		Equivalent Units
	Physical Units	Prior Department	Department T
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 T
Started and completed currently
Units in ending WIP inventory
Prior department
Department T
Total units accounted for
	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
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 T
Total costs transferred out
Cost of ending WIP inventory
Prior department
Department T
Total costs accounted for