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Exercise 8-50 (Static) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 3,4,6) Terminal Industries (T) 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: 28,000 units $ 33,890 13,612 $ 47,502 75,000 units $ 82,500 53,060 $ 135,560 13,000 units ?? ?? ?? a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. Equivalent Units Physical Units Mixing Department Processing Department Flow of units: Units to be accounted for Beginning WIP inventory 28.000 Units started this period 75,000 Total units to account for 103,000 Units accounted for Completed and transferred out 90,000 90,000 90,000 Units in ending inventory 13.000 Mixing 13,000 2,600 Processing Total units accounted for 103,000 103,000 92,600 Mixing Processing Total Department Department Flow of costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for $ 0 $ 0 $ Cost per equivalent unit Mixing Processing Costs accounted for Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for $ 166,500 16,562 $ 183,062 $ 0 $

Exercise 8-50 (Static) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 3,4,6) Terminal Industries (T) 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: 28,000 units $ 33,890 13,612 $ 47,502 75,000 units $ 82,500 53,060 $ 135,560 13,000 units ?? ?? ?? a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. Equivalent Units Physical Units Mixing Department Processing Department Flow of units: Units to be accounted for Beginning WIP inventory 28.000 Units started this period 75,000 Total units to account for 103,000 Units accounted for Completed and transferred out 90,000 90,000 90,000 Units in ending inventory 13.000 Mixing 13,000 2,600 Processing Total units accounted for 103,000 103,000 92,600 Mixing Processing Total Department Department Flow of costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for $ 0 $ 0 $ Cost per equivalent unit Mixing Processing Costs accounted for Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for $ 166,500 16,562 $ 183,062 $ 0 $

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 34P: FIFO Method, Single Department Analysis, One Cost Category Refer to the data in Problem 6.33....
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Exercise 8-50 (Static) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 3,4,6) Terminal Industries (T) 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: 28,000 units $ 33,890 13,612 $ 47,502 75,000 units $ 82,500 53,060 $ 135,560 13,000 units ?? ?? ?? a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. Equivalent Units Physical Units Mixing Department Processing Department Flow of units: Units to be accounted for Beginning WIP inventory 28.000 Units started this period 75,000 Total units to account for 103,000 Units accounted for Completed and transferred out 90,000 90,000 90,000 Units in ending inventory 13.000 Mixing 13,000 2,600 Processing Total units accounted for 103,000 103,000 92,600 Mixing Processing Total Department Department Flow of costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for $ 0 $ 0 $ Cost per equivalent unit Mixing Processing Costs accounted for Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for $ 166,500 16,562 $ 183,062 $ 0 $ <Prev 4 of 7 Next >
Transcribed Image Text:Exercise 8-50 (Static) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 3,4,6) Terminal Industries (T) 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: 28,000 units $ 33,890 13,612 $ 47,502 75,000 units $ 82,500 53,060 $ 135,560 13,000 units ?? ?? ?? a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. Equivalent Units Physical Units Mixing Department Processing Department Flow of units: Units to be accounted for Beginning WIP inventory 28.000 Units started this period 75,000 Total units to account for 103,000 Units accounted for Completed and transferred out 90,000 90,000 90,000 Units in ending inventory 13.000 Mixing 13,000 2,600 Processing Total units accounted for 103,000 103,000 92,600 Mixing Processing Total Department Department Flow of costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for $ 0 $ 0 $ Cost per equivalent unit Mixing Processing Costs accounted for Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for $ 166,500 16,562 $ 183,062 $ 0 $ <Prev 4 of 7 Next >
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