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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. 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 28,000 units $ 33,890 13,612 $ 47,502 75,000 units $ 82,500 53,060 $ 135,560 13,000 ?? ?? ?? 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 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 28,000 units $ 33,890 13,612 $ 47,502 75,000 units $ 82,500 53,060 $ 135,560 13,000 ?? ?? ?? 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
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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 Mixing Processing Costs accounted for: Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for Physical Units GA $ GA $ 28,000 75,000 103,000 90,000 13,000 103,000 Total Equivalent Units Processing Mixing Department Department 0 $ 90,000 0 $ 13,000 Mixing Department 103,000 0 $ Processing Department 0 $ 5949 90,000 2,600 92,600 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 Mixing Processing Costs accounted for: Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for Physical Units GA $ GA $ 28,000 75,000 103,000 90,000 13,000 103,000 Total Equivalent Units Processing Mixing Department Department 0 $ 90,000 0 $ 13,000 Mixing Department 103,000 0 $ Processing Department 0 $ 5949 90,000 2,600 92,600 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. 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 28,000 units $ 33,890 13,612 $ 47,502 75,000 units $ 82,500 53,060 $ 135,560 13,000 ?? ?? ?? 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 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 28,000 units $ 33,890 13,612 $ 47,502 75,000 units $ 82,500 53,060 $ 135,560 13,000 ?? ?? ?? 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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