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…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 10E: Costs per equivalent unit Georgia Products Inc. completed and transferred 89,000 particle board...

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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	??