Chapter 8 Assignment i 8 eBook References Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is added only the Mixing Department. The following information is given for the Processing Department for August. Tl uses process costing. WIP Inventory Processing Department: August 1 Quantity (60% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 1 Current production and costs (August) Units started. Current costs Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total current cost: August WIP Inventory Processing Department (August 31) Quantity (20% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 31 Flow of units: Units to be accounted for: Beginning WIP inventory 30,750 units. Physical Units $ 40,710 13,722 $ 54,432 77,750 units $ 91,300 58,600 $ 149,900 Required: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. 15,750 units ?? ?? ?? Equivalent Units Mixing Processing Department Department
Chapter 8 Assignment i 8 eBook References Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is added only the Mixing Department. The following information is given for the Processing Department for August. Tl uses process costing. WIP Inventory Processing Department: August 1 Quantity (60% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 1 Current production and costs (August) Units started. Current costs Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total current cost: August WIP Inventory Processing Department (August 31) Quantity (20% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 31 Flow of units: Units to be accounted for: Beginning WIP inventory 30,750 units. Physical Units $ 40,710 13,722 $ 54,432 77,750 units $ 91,300 58,600 $ 149,900 Required: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. 15,750 units ?? ?? ?? Equivalent Units Mixing Processing Department Department
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Transcribed Image Text:Chapter 8 Assignment
8
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Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is added only in
the Mixing Department. The following information is given for the Processing Department for August. Tl uses process costing.
WIP Inventory Processing Department: August 1
Quantity (60% complete)
Transferred-in costs (from Mixing Department)
Conversion costs (Processing Department)
Total WIP cost: August 1
Current production and costs (August)
Units started
Current costs
Transferred-in costs (from Mixing Department)
Conversion costs (Processing Department)
Total current cost: August
WIP Inventory Processing Department (August 31)
Quantity (20% complete)
Transferred-in costs (from Mixing Department)
Conversion costs (Processing Department)
Total WIP cost: August 31
Flow of units:
Units to be accounted for:
Beginning WIP inventory
Units started this period
Total units to account for
Units accounted for:
Required:
a. Complete the production cost report for August using the weighted-average method.
Note: Round "Cost per equivalent unit" to 2 decimal places.
Completed and transferred out
Units in ending inventory
Mixing
Processing
Total units accounted for
Flow of costs:
Costs to be accounted for:
Costs in beginning WIP inventory
Current period costs
Total costs to be accounted for
Cost per equivalent unit
Mixing
Processing
Costs accounted for:
Costs assigned to units transferred out
Costs of ending WIP inventory
Total costs accounted for
Physical Units
Total
30,750 units
$ 40,710
13,722
$ 54,432
77,750 units
$91,300
58,600
$ 149,900
Mixing
Department
15,750 units
??
??
??
Equivalent Units
Mixing Processing
Department Department
Processing
Department
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