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 1 Current production and costs (August) Units started Current costs Transferred-in costs (from Hixing 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 MIP 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 $ 47,980 15,212 $ 63,192 75,000 units $ 115,920 69,060 $184,980 13,000 units 27 ?? 77

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 from beginning WIP inventory
Current costs added to complete beginning WIP inventory
Mixing
Processing
Current costs of units started and completed.
Mixing
Processing
Total costs transferred out
Cost of ending WIP inventory
Mixing
Processing
Total ensts accounted for
$
S
$ 63,192
$ 63,192
S
al s
S
0$
OS
als
ob
Transcribed Image Text: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 from beginning WIP inventory Current costs added to complete beginning WIP inventory Mixing Processing Current costs of units started and completed. Mixing Processing Total costs transferred out Cost of ending WIP inventory Mixing Processing Total ensts accounted for $ S $ 63,192 $ 63,192 S al s S 0$ OS als ob
solve accurate with everything in proper way
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 1
Current production and costs (August)
Units started
Current costs
Transferred-in costs (from Hixing 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.
From beginning WIP inventory
Mixing
Processing
-Started and completed currently
Units in ending WIP inventory
Mixing
Processing
Total units accounted for
Flow of costs:
28,000 units
$ 47,980
15,212
$ 63,192
75,000 units
$ 115,920
69,060
$ 184,980
13,000 units
22
??
27
28,000
13,000
41,000
Total
0
0
Mixing Processing
Department Department
Transcribed Image Text:solve accurate with everything in proper way 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 1 Current production and costs (August) Units started Current costs Transferred-in costs (from Hixing 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. From beginning WIP inventory Mixing Processing -Started and completed currently Units in ending WIP inventory Mixing Processing Total units accounted for Flow of costs: 28,000 units $ 47,980 15,212 $ 63,192 75,000 units $ 115,920 69,060 $ 184,980 13,000 units 22 ?? 27 28,000 13,000 41,000 Total 0 0 Mixing Processing Department Department
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