80.2K

Verified Solution

Link Copied!

\begin{tabular}{|l|l|l|l|} \hline & Physical Units & \multicolumn{2}{|c|}{ Equivalent Units } \\ \cline { 1 - 3 } & & Prior Department & Department T \\ \hline Flow of units: & & & \\ \hline Units to be accounted for: & & & \\ \hline Beginning WIP inventory & & & \\ \hline Units started this period & & & \\ \hline Total units to account for & & & \\ \hline Units accounted for: & & & \\ \hline Completed and transferred out & & & \\ \hline Units in ending inventory & & & \\ \hline Prior department & & & \\ \hline Department T & & & \\ \hline Total units accounted for & & & \\ \hline & & & \\ \hline Total & & & \\ \hline Flow of costs: & & & \\ \hline Costs to be accounted for: & & & \\ \hline Costs in beginning WIP inventory & & & \\ \hline Current period costs & & & \\ \hline Total costs to be accounted for & & & \\ \hline Cost per equivalent unit & & & \\ \hline Prior department & & & \\ \hline Department T & & & \\ \hline Costs accounted for: & & & \\ \hline Costs assigned to units transferred out & & & \\ \hline Costs of ending WIP inventory & & & \\ \hline Total costs accounted for & & & \\ \hline \end{tabular} Lansing, Inc. provides the following information for one of its department's operations for June (no new material is added in Department T). The ending inventory has 2,800 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.)

Answer & Explanation Solved by verified expert

See Answer