Exercise $8-49($Algo$)$ Prepare a Production Cost Report: FIFO Method $($LO $8-2,4,5)$

Terminal Industries $($TI$)$ produces a product using three departments: Mixing. Processing, and Filtering. New material is added o the Mixing Department. The following information is given for the Processing Department for August. TI uses process costing.

WIP Inventory Processing Departnent: August $1$

Quantity $($Ges complete$)28,$ e$0$e units

Transferred$-$in costs $($from Mixing Deportment$)$

Converstan costs $($Processing Departaent$)$

Total MIP cost: August $1$

Current production and costs $($August$)$

Units started

Current costs

Transferred$-$in costs $($fron Mixing Department$)$

Conyersion costs $($Processing Departenent$)$

Total current cost: Augast

WLP Inventory Processing Departnent $($August $31)$

Quantity $(200$ complete$)$

Transferred$-$in costs $($from Mixing Deportment$)$

Conversion costs $($Processing $0$epartinent$)$

Total MIP cost: August $31$

Required:

Complete the production cost report for August using FIFO.

Note: Round "Cost per equivalent unit" to $2$ decimal places.

Requirud:

Complete the production cost repont for August usho FFO.

Note: Pound "Cost per equivnlent unit" is $2$ secimbl placts.

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