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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Topic Video
Question
Please do not give solution in image format thanku
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
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 7 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education