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)31,500unitsTransferred-in costs (from Mixing Department)$ 42,570 Conversion costs (Processing Department)13,752 Total WIP cost: August 1$ 56,322 Current production and costs (August) Units started78,500unitsCurrent costs Transferred-in costs (from Mixing Department)$ 93,700 Conversion costs (Processing Department)60,100 Total current cost: August$ 153,800 WIP Inventory Processing Department (August 31) Quantity (20% complete)16,500unitsTransferred-in costs (from Mixing Department)?? Conversion costs (Processing Department)?? Total WIP cost: August 31?? Question:a. Complete the production cost report for August using the weighted-average method.Note: Round "Cost per equivalent unit" to 2 decimal places.

The production cost report for Terminal Industries' Processing Department in August shows that the…

Answered: Terminal Industries (TI) produces a…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 30E: Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process...

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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)	31,500	units
Transferred-in costs (from Mixing Department)	$ 42,570
Conversion costs (Processing Department)	13,752
Total WIP cost: August 1	$ 56,322
Current production and costs (August)
Units started	78,500	units
Current costs
Transferred-in costs (from Mixing Department)	$ 93,700
Conversion costs (Processing Department)	60,100
Total current cost: August	$ 153,800
WIP Inventory Processing Department (August 31)
Quantity (20% complete)	16,500	units
Transferred-in costs (from Mixing Department)	??
Conversion costs (Processing Department)	??
Total WIP cost: August 31	??