Lansing, Inc. provides the following information for one of its department's operations for June (no new...
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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 ((9,200 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department 5) Department T conversion costs Current work (20,900 units started) Prior department costs Department T costs $ 49,430 13,760 119, 130 235,440 The ending inventory has 4,200 units, which are 50 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) 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 Units in ending inventory Prior department Department T Total units accounted for Flow of costs Costs to be accounted for. Costs in beginning WIP inventory Current period costs Total costs to be accounted for Physical Units Total Equivalent Units Prior Department Prior Department Department T Department T 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 ((9,200 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department 5) Department T conversion costs Current work (20,900 units started) Prior department costs Department T costs $ 49,430 13,760 119, 130 235,440 The ending inventory has 4,200 units, which are 50 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Required: a. Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) 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 Units in ending inventory Prior department Department T Total units accounted for Flow of costs Costs to be accounted for. Costs in beginning WIP inventory Current period costs Total costs to be accounted for Physical Units Total Equivalent Units Prior Department Prior Department Department T Department T
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Answer rating: 100% (QA)
To complete the production cost report using the weighted average method well need to calculate the equivalent units and the cost per equivalent unit for both the prior department costs and the Depart... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-1259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
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