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) 32,750 units Transferred-in costs (from Mixing Department) $ 45,670 Conversion costs (Processing Department) 13,802 Total WIP cost: August 1 $ 59,472 Current production and costs (August) Units started 79,750 units Current costs Transferred-in costs (from Mixing Department) $ 97,700 Conversion costs (Processing Department) 62,600 Total current cost: August $ 160,300 WIP Inventory Processing Department (August 31) Quantity (20% complete) 17,750 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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started