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Lansing, Inc. provides the following information for one of its department’s operations for June (no new...

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Accounting

Lansing, Inc. provides the following information for one of itsdepartment’s operations for June (no new material is added inDepartment T):

WIP inventory—Department T
Beginning inventory ((8,900 units, 20% complete with respect toDepartment T costs)
Transferred-in costs (from Department S)$45,140
Department T conversion costs9,696
Current work (20,300 units started)
Prior department costs109,620
Department T costs181,020

The ending inventory has 3,900 units, which are 60 percentcomplete with respect to Department T costs and 100 percentcomplete for prior department costs.

Required:

a. Complete the production cost report usingthe weighted-average method. (Round "Cost per equivalentunit" to 2 decimal places.)

Answer & Explanation Solved by verified expert
4.3 Ratings (578 Votes)

Production Cost report

Units to be accounted for
Beginning work in process 8900
Unit started 20300
Total Units to be accounted for 29200
Units accounted as
Unit completed and transferred out 25300
Ending work in process 3900
Total Units accounted as 29200
Equivalent unit
Physical Unit Direct material Conversion
Unit transferred out 25300 25300 25300
Ending work in process 3900 3900 3900*60% = 2340
Equivalent unit of production 29200 29200 27640
Cost per equivalent unit
Direct material Conversion
Beginning work in process 45140 9696
Cost added 109620 181020
Total Cost 154760 190716
Equivalent unit 29200 27640
Cost per equivalent unit 5.30 6.90
Cost assignment
Cost accounted for Direct material Conversion Total
Beginning work in process 45140 9696 54836
Cost added 109620 181020 290640
Total Cost accounted for 154760 190716 345476
Cost accounted as
Units transferred out 134090 174570 308660
Ending work in process 20670 16146 36816
Total cost accounted as 154760 190716 345476

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