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 Mixing Department) Conversion costs (Processing Department) Total current cost: August 30,250 units $ 39,470 13,702 $ 53,172 77,250 units $ 89,700 57,600 $ 147 300

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 Mixing Department) Conversion costs (Processing Department) Total current cost: August 30,250 units $ 39,470 13,702 $ 53,172 77,250 units $ 89,700 57,600 $ 147 300

Name: Terminal Industries (TI) produces a product using three departments:
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is added only inthe Mixing Department. The following information is given for the Processing Department for August. Tl uses process

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help me
So I have to finish the Cost of production Report, as you can see I need help with the cost sections below on my report. See attached photo of my work in progress for this report
Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials Conversion Total costs to account for Units Cost per equivalent unit of production Costs added this period + Equivalent units of production Cost per equivalent unit of production 4,300 20,500 24,800 3,700 $ 309,760 1,382,724 Materials 309,760 Direct Materials Percent Complete 100% 0 100% 2. Compute cost per equivalent unit of production for both direct materials and conversion. Conversion Percent Complete 40% $ 124,510 1,692,484 $ 1,816,994 Conversion 1,692,484 80% 0
The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $1.80 and $1.95, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 4,100 Started and completed during the period 51,000 51,000 Transferred out of Filling (completed) 51,000 55,100 Inventory in process, end of period 3,000 900 Total units to be assigned costs 54,000 56,000 The beginning work in process inventory had a cost of $2,870. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred-out production Inventory in process, ending
Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to 5599,780 in total. The ending work in process inventory in January consisted of 3,000 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and…
Manji
Saved Brody Corp. uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred unformly throughout the process. Beglnning Inventory for January consisted of 1,250 units that were 75% completed. 10,000 units were started into the process during January. On January 31, the inventory consisted of 400 units that were 50% completed. What would be the equivalent units for direct materlals cost using the welghted average method? Multiple Cholce 11,250 10,600 10,300 10,000
Required information [The following information applies to the questions displayed below.] Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials Conversion Total costs to account for Units 4,300 20,500 24,800 3,700 $ 309,760 1,382,724 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 124,510 1,692,484 $ 1,816,994 80%
Sh4
Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 245,055 9,676 $ 906,625 103,140 The ending inventory has 14,800 units, which are 90 percent complete with respect to Refining Department costs. Required: Complete the production cost report 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…
At Pablo Company, direct materials (DM) are added at the start of the process and conversion costs (CC) are added evenly during the process. Company is using FIFO Method. The following is given for a cooking department for month of May: Physical Units Beginning Work in process inventory (CC 75% complete) 12,000 Units started during current month 74,000 Units completed and transferred out during current month: 65,000 Ending Work in process inventory (CC 80% complete) 18,000 Inspection occurs when production is 100 percent completed. Normal spoilage is 4 percent of good units that successfully pass the inspection point in current month.The following cost data are available: Beginning Work in Process Costs: DM $216,000; CC $27,000 Costs added during current period: DM $1346,800; CC $234,880 1. What is the equivalent units for direct materials for May? 2. Compute the direct materials cost per equivalent unit during May. 3. What is the cost of units completed…
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 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 Required: 30,000 units $ 38,850 13,692 $ 52,542 77,000 units $ 88,900 57,100 $ 146,000 15,000 units ?? ?? ?? a. Complete the production cost report for August using the weighted-average method.…