8-49. 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. WIP InventoryProcessing 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 InventoryProcessing 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 Prepare a production cost report for August using FIFO