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Exercise 8-49 (Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) 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. Ti 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 Required: Complete the production cost report for August using FIFO Note: Round "Cost per equivalent unit" to 2 decimal places. 28,000 units $ 49,430 15,312 $ 64,742 75,000 units $ 119,130 70,060 $ 189, 190 13,000 units ?? ?? 22

Exercise 8-49 (Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) 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. Ti 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 Required: Complete the production cost report for August using FIFO Note: Round "Cost per equivalent unit" to 2 decimal places. 28,000 units $ 49,430 15,312 $ 64,742 75,000 units $ 119,130 70,060 $ 189, 190 13,000 units ?? ?? 22

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out From beginning WIP inventory Mixing Processing Started and completed currently Units accounted for: Completed and transferred out From beginning WIP inventory Mixing Processing Started and completed currently Units in ending WIP 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 Physical Units $ Total 0 0 Equivalent Units Mixing Processing Department Department 0 Mixing Department 0 $ 0 Processing Department 0 $ 0
Transcribed Image Text:Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out From beginning WIP inventory Mixing Processing Started and completed currently Units accounted for: Completed and transferred out From beginning WIP inventory Mixing Processing Started and completed currently Units in ending WIP 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 Physical Units $ Total 0 0 Equivalent Units Mixing Processing Department Department 0 Mixing Department 0 $ 0 Processing Department 0 $ 0
Exercise 8-49 (Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) 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. TI 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 311 Required: Complete the production cost report for August using FIFO. Note: Round "Cost per equivalent unit" to 2 decimal places. 28,000 units $ 49,430 15,312 $ 64,742 75,000 units $ 119,130 70,060 $ 189,190 13,000 units ?? ?? 22
Transcribed Image Text:Exercise 8-49 (Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) 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. TI 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 311 Required: Complete the production cost report for August using FIFO. Note: Round "Cost per equivalent unit" to 2 decimal places. 28,000 units $ 49,430 15,312 $ 64,742 75,000 units $ 119,130 70,060 $ 189,190 13,000 units ?? ?? 22
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