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.

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

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answer; how many employees will be needed for jobs in the coming period;