Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) Lansing, Inc. provides the following information...

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Accounting

Prepare a Production Cost Report: FIFO Method
(LO 8-2, 4, 5)
Lansing, Inc. provides the following information forone of its department’s operations for June (no new material isadded in Department T):
WIP inventory—Department T
Beginning inventory (15,000 units, 60% complete with respect toDepartment 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 completewith respect to Department T costs and 100 percent complete forprior department costs.
Required
Prepare a production cost report using FIFO.

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3.9 Ratings (413 Votes)

Reconciliation of Units Step 1 already completed completed this period Units Departments S Departments T Departments S Departments T Beginning WIP 15000 100 60 0 40 Units introduced 35000 Total Units to be accounted for 50000 Completed and Transferred unit 45000 0 0 100 100 Ending WIP 5000 0 0 100 20 Equivalent Units Step 20 Department S See Answer

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