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 (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.
Answers: 1
Other questions on the subject: Business
Business, 22.06.2019 01:00, taee67
Paar corporation bought 100 percent of kimmel, inc., on january 1, 2012. on that date, paar’s equipment (10-year life) has a book value of $420,000 but a fair value of $520,000. kimmel has equipment (10-year life) with a book value of $272,000 but a fair value of $400,000. paar uses the equity method to record its investment in kimmel. on december 31, 2014, paar has equipment with a book value of $294,000 but a fair value of $445,200. kimmel has equipment with a book value of $190,400 but a fair value of $357,000. the consolidated balance for the equipment account as of december 31, 2014 is $574,000. what would be the impact on consolidated balance for the equipment account as of december 31, 2014 if the parent had applied the initial value method rather than the equity method? the balance in the consolidated equipment account cannot be determined for the initial value method using the information given. the consolidated equipment account would have a higher reported balance. the consolidated equipment account would have a lower reported balance. no effect: the method the parent uses is for internal reporting purposes only and has no impact on consolidated totals.
Answers: 2
Business, 22.06.2019 02:20, fdasbiad
Larissa has also provided the following information. during the year, the company raised $36 million in new long-term debt and retired $20.52 million in long-term debt. the company also sold $22 million in new stock and repurchased $32.4 million. the company purchased $54 million in fixed assets, and sold $6,107,400 in fixed assets. larissa has asked dan to prepare the financial statement of cash flows and the accounting statement of cash flows. she has also asked you to answer the following questions: 1. how would you describe east coast yachts' cash flows? 2. which cash flows statement more accurately describes the cash flows at the company? 3. in light of your previous answers, comment on larissa's expansion plans.
Answers: 2
Business, 22.06.2019 11:50, ayoismeisalex
Select the correct answer. ramon applied to the state university in the city where he lives, but he was denied admission. what should he do now? a. change his mind about graduating and drop out of high school so he can start working right away. b. decide not to go to college, because he didn’t have a backup plan. c. stay positive and write a mean letter to let the college know that they made a bad decision. d. learn from this opportunity, reevaluate his options, and apply to his second and third choices.
Answers: 2
Do you know the correct answer?
Lansing, Inc. provides the following information for one of its department's operations for June (no...
Questions in other subjects:
Mathematics, 11.06.2020 16:57
