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Kequirea: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. 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 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 Physical Units Total 0 0 Equivalent Units Mixing Processing Department Department Mixing Department 0 $ Processing Department 0 $ 0 0

Kequirea: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. 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 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 Physical Units Total 0 0 Equivalent Units Mixing Processing Department Department Mixing Department 0 $ Processing Department 0 $ 0 0

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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Kequirea: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. 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 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 Beginning WIP inventory Units started this period units to account for Units accounted for: 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 0 $ $ 0 Equivalent Units Mixing Processing Department Department Mixing Department 0 $ Total 0 0 0 $ Processing Department Mixing Department 0 $ 0 $ 0 0 0 Processing Department 0 $ 0 $ 0 0 0
Transcribed Image Text:Kequirea: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. 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 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 Beginning WIP inventory Units started this period units to account for Units accounted for: 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 0 $ $ 0 Equivalent Units Mixing Processing Department Department Mixing Department 0 $ Total 0 0 0 $ Processing Department Mixing Department 0 $ 0 $ 0 0 0 Processing Department 0 $ 0 $ 0 0 0
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 11 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 31,750 units $ 43,190 13,762 $ 56,952 78,750 units $ 94,500 60,600 $ 155,100 16,750 units 27 27 27 Required: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places.
Transcribed Image Text: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 11 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 31,750 units $ 43,190 13,762 $ 56,952 78,750 units $ 94,500 60,600 $ 155,100 16,750 units 27 27 27 Required: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places.
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