Exercise 8-49 (Static) 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 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:

Complete the production cost report for August using FIFO.

\begin{tabular}{|c|c|c|c|} \hline & & Equivale & nt Units \\ \hline & Units & \begin{tabular}{c} Mixing \\ Department \end{tabular} & \begin{tabular}{l} Processing \\ Department \end{tabular} \\ \hline Flow of units: & & & \\ \hline Units to be accounted for: & & & \\ \hline Beginning WIP inventory & 28,000 & & \\ \hline Units started this period & 75,000 & & \\ \hline Total units to account for & 103,000 & & \\ \hline Units accounted for: & & & \\ \hline Completed and transferred out & & & \\ \hline From beginning WIP inventory & 28,000 & & \\ \hline Mixing & & 0 & \\ \hline Processing & & & 11,200 \\ \hline Started and completed currently & 62,000 & 62,000 & 62,000 \\ \hline Units in ending WIP inventory & 13,000 & & \\ \hline Mixing & & 13,000 & \\ \hline Processing & & & 2,600 \\ \hline Total units accounted for & 103,000 & 75,000 & 75,800 \\ \hline & Total & \begin{tabular}{c} Mixing \\ Department \end{tabular} & \begin{tabular}{l} Processing \\ Department \end{tabular} \\ \hline Flow of costs: & & & \\ \hline Costs to be accounted for: & & & \\ \hline Costs in beginning WIP inventory & $47,502 & 33,890 & 13,612 \\ \hline Current period costs & 135,560 & 82,500 & 53,060 \\ \hline Total costs to be accounted for & $183,062 & 116,390 & 66,672 \\ \hline Cost per equivalent unit & & & \\ \hline Mixing & & & \\ \hline Processing & & & \\ \hline Costs accounted for: & & & \\ \hline Costs assigned to units transferred ol & & & \\ \hline Costs from beginning WIP inventory & & & \\ \hline Current costs added to complete beg & & & \\ \hline Mixing & & 0 & \\ \hline Processing & & & \\ \hline Current costs of units started and compl & & & \\ \hline Mixing & & & \\ \hline Processing & & & \\ \hline Total costs transferred out & $ & $ & $ \\ \hline \end{tabular}