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: Complete the production cost report for August using FIFO. Note: Round "Cost per equivalent unit" to 2 decimal places. 28,000 units $ 37,100 14,412 $ 51,512 75,000 units $ 91,680 61,060 $ 152,740 13,000 units ?? ?? ??
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: Complete the production cost report for August using FIFO. Note: Round "Cost per equivalent unit" to 2 decimal places. 28,000 units $ 37,100 14,412 $ 51,512 75,000 units $ 91,680 61,060 $ 152,740 13,000 units ?? ?? ??
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Vikram Bhai
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. 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:
Complete the production cost report for August using FIFO.
Note: Round "Cost per equivalent unit" to 2 decimal places.
28,000 units
$ 37,100
14,412
$ 51,512
75,000 units
$ 91,680
61,060
$ 152,740
13,000 units
??
??
??
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