Question
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
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) 28,000 units Transferred-in costs (from Mixing Department) $ 33,890 Conversion costs (Processing Department) 13,612 Total WIP cost: August 1 $ 47,502 Current production and costs (August) Units started 75,000 units Current costs Transferred-in costs (from Mixing Department) $ 82,500 Conversion costs (Processing Department) 53,060 Total current cost: August $ 135,560 WIP Inventory Processing Department (August 31) Quantity (20% complete) 13,000 units Transferred-in costs (from Mixing Department) ?? Conversion costs (Processing Department) ?? Total WIP cost: August 31 ??
Required: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places.
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. Required: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal placesStep by Step Solution
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