Terminal Industries (Tl) produces a product using three departments: Mixing. Processing, and Filtering. New material is added onlythe Mixing Department. The following information is given for the Processing Department for August. Tl uses process costing.WIP Inventory Processing Department: August 1Quantity (60% complete)Transferred-in costs (from Mixing Department)Conversion costs (Processing Department)Total WIP cost: August 1Current production and costs (August)Units startedCurrent costsTransferred-in costs (from Mixing Department)Conversion costs (Processing Department)Total current cost: AugustWIP Inventory Processing Department (August 31)Quantity (20% complete)Transferred-in costs (from Mixing Department)Conversion costs (Processing Department)Total WIP cost: August 31Flow of units:Units to be accounted for:Beginning WIP inventoryUnits started this periodTotal units to account forUnits accounted for:Completed and transferred outUnits in ending inventoryMissingProcessingRequired:a. Complete the production cost report for August using the weighted-average method.Note: Round "Cost per equivalent unit" to 2 decimal places.Total units accounted forFlow of costs:Costs to be accounted for:Costs in beginning WIP inventoryCurrent period costsTotal costs to be accounted forCost per equivalent unitMixingProcessingCosts accounted for:Costs assigned to units transferred outCosts of ending WIP inventoryTotal costs accounted forPhysical Units$$30,50077,500108,000Total0MixingDepartmentMixingDepartment0 SOS30,500 units$ 40,09013,712$ 53,80277,500 units$90,50058,100$ 148,600Equivalent Units015,500??????unitsProcessingDepartmentProcessingDepartment0 $0 $00

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Description: Terminal Industries (Tl) produces a product using three departments: Mixing. Processing, and Filtering. New material is added onlythe Mixing Department. The following information is given for the Processing Department for August. Tl uses process cos

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Terminal Industries (TI) produces a product using three departments: Mixing. Processing, and Filtering. New material is added onl 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 30,500 units $ 40,090 13,712 $ 53 892

Terminal Industries (TI) produces a product using three departments: Mixing. Processing, and Filtering. New material is added onl 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 30,500 units $ 40,090 13,712 $ 53 892

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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