FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 8-42 (Algo) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 3, 4, 6)
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 ((8,300 units, 20% complete with respect to Department T costs) | ||
Transferred-in costs (from Department S) | $ | 37,100 |
Department T conversion costs | 9,842 | |
Current work (19,100 units started) | ||
Prior department costs | 91,680 | |
Department T costs | 183,150 | |
The ending inventory has 3,300 units, which are 60 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.)
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