Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is...

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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. Tl uses process costing. WIP Inventory Processing Department: August 1 Quantity (60% complete). Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 1 Current production and costs (August) Units started Current costs Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total current cost: August WIP Inventory Processing Department (August 31) Quantity (20% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 31 30,250 units $ 39,470 13,702 $ 53,172 Physical Units 77,250 units $ 89,700 57,600 $147,300 15,250 22 ?? 22 units Required: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. Equivalent Units Mixing Processing Department Department Flow of units: Units to be accounted for Beginning WIP inventory Units started this period Total units to account for Units accounted for Completed and transferred out Units in ending inventory Mixing Processing Total units accounted for Flow of costs Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Al- Physical Units $ Total 0 0 10 Equivalent Units Processing Mixing Department Department Mixing Department $ 0 Processing Department $ 0 0 Processing Total units accounted for Flow of costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Mixing Processing Costs accounted for Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for $ $ Total 0 0 Mixing Department $ $ 0 0 Processing Department $ 0 0 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. Tl uses process costing. WIP Inventory Processing Department: August 1 Quantity (60% complete). Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 1 Current production and costs (August) Units started Current costs Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total current cost: August WIP Inventory Processing Department (August 31) Quantity (20% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 31 30,250 units $ 39,470 13,702 $ 53,172 Physical Units 77,250 units $ 89,700 57,600 $147,300 15,250 22 ?? 22 units Required: a. Complete the production cost report for August using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. Equivalent Units Mixing Processing Department Department Flow of units: Units to be accounted for Beginning WIP inventory Units started this period Total units to account for Units accounted for Completed and transferred out Units in ending inventory Mixing Processing Total units accounted for Flow of costs Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Al- Physical Units $ Total 0 0 10 Equivalent Units Processing Mixing Department Department Mixing Department $ 0 Processing Department $ 0 0 Processing Total units accounted for Flow of costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Mixing Processing Costs accounted for Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for $ $ Total 0 0 Mixing Department $ $ 0 0 Processing Department $ 0 0

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Production Cost Report Processing Department Weighted Average Method August Equivalent Units Description Physical Units Mixing Dept Eq Units Processin... View the full answer