1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Archy [21]
2 years ago
12

Lansing, Inc. provides the following information for one of its department's operations for June (no new material is added in De

partment T):
WIP inventory-Department T
Beginning inventory (15,000 units, 60% complete with respect
to Department 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 complete with respect to Department T costs and 100 percent complete for prior department costs.

Required:

Prepare a production cost report using FIFO.
Business
1 answer:
Eddi Din [679]2 years ago
3 0

Answer:

See Explanation Below

Explanation:

Given

Beginning inventory units = 15,000 units

Beginning Inventory Completed = 60% completed

Current work = 35,000 units started

Ending inventory = 5,000 units

Ending inventory completed = 20% completed

Using FIFO, the production cost report is as follows

First, we determine the physical flow of units;.

This is listed out as follows;

Beginning WIP Inventory: 15,000 units

Unit started this period: 35,000 units

Total units to account for = 50,000 units

Units completed and transferred out: 45,000 units

Ending WIP Inventory: 5,000 units

Total accounted units: 50,000 units

Unit completed and transferred out is calculated by;

Total units to account for - Ending WIP Inventory

= 50,000 units - 5,000 units

= 45,000 units

Calculating the EUP (Equivalent Unit of Production)

Equivalent Unit to complete beginning WIP Inventory

Direct Materials: 15,000 (100% - 100%) = 0 EUP (Direct)

Conversions: 15,000 (100% - 60%) = 6,000 EUP (Conversion)

Equivalent Unit started and completed: 30,000 EUP (Direct)

Equivalent Unit started and completed: 30,000 EUP (Conversion)

Equivalent Unit in ending WIP Inventory:

Direct: 5,000 units * 100% = 5,000 EUP (Direct)

Conversion: 5,000 * 20% = 1,000 EUP (Conversion)

Total Equivalent Unit of Production: 0 EUP + 30,000 EUP + 5,000 EUP = 35,000 EUP (Direct)

Total Equivalent Unit of Production: 6,000 EUP + 30,000 EUP + 1,000 EUP = 37,000 EUP (Conversion)

Note that;

Equivalent Unit started and completed is calculated as follows;

Total Units account for (45,000) - Beginning Unit (15,000) = 30,000 EUP

You might be interested in
A portfolio consists of 265 shares of Stock C that sells for $50 and 230 shares of Stock D that sells for $25. What is the portf
kakasveta [241]

Answer:Weight of Stock C=0.6974----- E

Explanation:

The Value of a stock  is given as  No. of Shares x Share Price

Therefore

Value of C = No. of Shares OF C x Share Price of Stock C= 265 x $50= $13,250

Value of D = No. of Shares of D x Share Price of Stock D= 230 x $25 = $5,750

Total value  of Portfolio= Value of C + Value of D = $13,250  +$5,750  =$19,000

Also,

Weight of stock = value of stock/Total value

Therefore

Weight of Stock C = Value of C / Total Portfolio Value =

$13,250 / $19,000=0.69736 = 0.6974

6 0
2 years ago
How many hours a week should a student plan to study for a three-credit course in a 15-week session?.
Paha777 [63]

Answer:

You should plan to study at least 2-3 hours a week for each credit. In other words, for each three-credit course, you would study 6-9 hours per week. When you compare this time with what you spend in class and studying outside of class, it is about the same.

Explanation:

4 0
2 years ago
A​ lump-sum purchase or basket purchase involves paying a single price for several assets as a group.
il63 [147K]

Answer:

TRUE

Explanation:

A basket purchase is the acquisition of a number of assets as a group, in a single purchase transaction. This is common when the basket purchase is lower than the price charged for individual assets.

7 0
3 years ago
Clark Company's master budget reflects budgeted sales information for the month of June, 2019, as follows: Budgeted Quantity Bud
lesya [120]

Answer:

Total sales variance    $87,340   Favorable

See report below

Explanation:

The sales budget for the month of June would like as follows:

Budgeted Sales

Product                 units        Price     Total($)

A                        40,000       $7          280,000

B                         39,000    $9            351,000

Actual sales

Product                 units        Price     Total($)

A                        39,000       $7.10         276,900

B                        49,600       $8.90         441440

Sales Budget Report for the month of June 2019

                                Budget           Actual           Variance ($)

A                        280,000                  276,900         3,100      Unfavorable

B                        351,000                   441,440            <u>90,440  </u>favorable

   Total sales variance                                          <u>  87,340   Favorable</u>

5 0
2 years ago
SOMEONE PLEASE HELP ME ASAP PLEASE!!!!!​
Umnica [9.8K]

Answer:

a

Explanation:

bc interest rates have a negative correlation their for they will shift off

8 0
3 years ago
Other questions:
  • Annuity payout option allows the policyowner to choose a pre-determined number of benefit payments?
    15·1 answer
  • ​Lamar and two of his friends are starting a new tech business and are meeting to decide the firm’s organizational structure. Du
    11·2 answers
  • Ezra is comparing two checking accounts. One has a monthly fee of $8 and a per-check fee of $0.20, and the other has a monthly f
    11·2 answers
  • Define accounting?Explain the accounting concepts which guide the accountant at the recording stage?
    13·1 answer
  • An example of tangible capital is A) a restaurant's unsold, unopened cans of soda. B) an idea for a new business. C) the goodwil
    7·1 answer
  • Write a letter to invite your friend to your birthday party in french​
    15·2 answers
  • For an academic entrepreneur based in a university, licensing-out a technology to a commercial partner may be more appropriate t
    10·1 answer
  • A chinese student pays tuition at a u.s. university. the chinese government classifies this transaction as?
    7·1 answer
  • Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The l
    8·1 answer
  • Abercrombie and Fitch is a leading retailer of casual apparel for men, women, and children. Assume that you are employed as a st
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!