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Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filter the Mixing Department. The following information is given for the Processing Department for Augu 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 29,250 units $ 36,990 13,662 $ 50,652 76,250 units $ 86,500 55,600 $ 142,100 14,250 units ?? ?? ?? Required: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places.

Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filter the Mixing Department. The following information is given for the Processing Department for Augu 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 29,250 units $ 36,990 13,662 $ 50,652 76,250 units $ 86,500 55,600 $ 142,100 14,250 units ?? ?? ?? Required: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places.

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 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 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 Total 0 Equivalent Units Processing Mixing Department Department 0 $ 0 $ Mixing Department Mixing Department 0 $ 0 0 0$ Processing Department Processing Department 0 $ 0 $ 0 0 + 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 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 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 Total 0 Equivalent Units Processing Mixing Department Department 0 $ 0 $ Mixing Department Mixing Department 0 $ 0 0 0$ Processing Department Processing Department 0 $ 0 $ 0 0 + 0 0
Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filteri the Mixing Department. The following information is given for the Processing Department for Augus 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 29,250 units $36,990 13,662 $ 50,652 76,250 units $ 86,500 55,600 $ 142,100 14,250 units ?? ?? ?? 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 Filteri the Mixing Department. The following information is given for the Processing Department for Augus 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 29,250 units $36,990 13,662 $ 50,652 76,250 units $ 86,500 55,600 $ 142,100 14,250 units ?? ?? ?? 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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