$10$:$21$AM

Mon Oct $28$

$20\%$

Prepare a Production Cost Report: FIFO Method

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.

Note: For Processing Department, its "material cost" is the transfer$-$in cost from Mixing Department. All materials are added in the beginning of production process.

$\backslash$table$[[$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 $31,??]]$

Question: assign the costs using FIFO method. Present your results for each of the $5$ steps.