Assessment 3 Part 1: Prepare a Production Cost Report: FIFO Method

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Assessment 3 Part 1

Assessment 3 Part 1: Prepare a Production Cost Report: FIFO Method
Scenario
Lamar, Inc. provides the following information for one of its department’s operations for May (no new material is added in Department T):
WIP inventory—Department T
Beginning inventory (16,500 units, 60 percent complete with respect to Department T costs)
Transferred-in costs (from Department S) $127,600
Department T conversion costs      58,465
Current work (38,500 units started)
Prior department costs    308,000
Department T costs    229,955
The ending inventory has 5,500 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 the FIFO method.

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Assessment 3 Part 1: Prepare a Production Cost Report: FIFO Method
Assessment 3 Part 1: Prepare a Production Cost Report: FIFO Method

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