Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 (68% 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 Required: 29,000 units $ 36,370 13,652 $ 50,022 76,000 units $ 85,700 55,100 $ 140,800 14,000 units ?? ?? ?? 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 Physical Units Mixing Department Processing Department Flow of units: Units to be accounted for. Beginning WIP inventory 29,000 Units started this period 78,000 Total units to account for 105,000 Units accounted for. Completed and transferred out 91,000 91,000 91,000 Units in ending inventory 14,000 Mixing 14,000 Processing 2,800 Total units accounted for 105,000 105,000 93,800 Mixing Processing Total Department Department Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory S 50,022 $ 38,370 $ 13,652 Current period costs Total costs to be accounted for S 140,800 190,822 $ 85,700 55,100 122,070 $ 68,752 Cost per equivalent unit Mixing Processing S 1.16 $ 0.73 Costs accounted for: Costs assigned to units transferred out $ 66,430 Costs of ending WIP inventory Total costs accounted for $ 0 $ 0 $ 66,430 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 (68% 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 Required: 29,000 units $ 36,370 13,652 $ 50,022 76,000 units $ 85,700 55,100 $ 140,800 14,000 units ?? ?? ?? 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 Physical Units Mixing Department Processing Department Flow of units: Units to be accounted for. Beginning WIP inventory 29,000 Units started this period 78,000 Total units to account for 105,000 Units accounted for. Completed and transferred out 91,000 91,000 91,000 Units in ending inventory 14,000 Mixing 14,000 Processing 2,800 Total units accounted for 105,000 105,000 93,800 Mixing Processing Total Department Department Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory S 50,022 $ 38,370 $ 13,652 Current period costs Total costs to be accounted for S 140,800 190,822 $ 85,700 55,100 122,070 $ 68,752 Cost per equivalent unit Mixing Processing S 1.16 $ 0.73 Costs accounted for: Costs assigned to units transferred out $ 66,430 Costs of ending WIP inventory Total costs accounted for $ 0 $ 0 $ 66,430
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
If the height of an object is 5 m and its mass is 3 kg, what is the gravitational potential energy of this object? Here, the gravitational acceleration g is given by 10 m/s
-
Refer to the information in Exercise 8-49. Data in Exercise 8-49. Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is added only in...
-
Given that, VDD = 5V, VTN = 0.4 V, kn = 100 A/V, An = 0.02 V-, () = 80, R = 4 kN, R = 0.5 MN, R3 = 4.5 M, and assume that the current through R and R3 is negligible compared to IDs. 1) Find Vo. For...
-
What's the fastest way to make a U-turn at constant speed? Suppose that you need to make a 180 turn on a circular path. The minimum radius (due to the car's steering system) is 5.0 m, while the...
-
In Exercises 916, find the coordinates of the vertex for the parabola defined by the given quadratic function. f(x) = -x 2 - 2x + 8
-
Determine if the mixed method aspect is concurrent, sequential,, or nested. Develop a hypothetical research scenario that would necessitate the use of the Mixed Method A-B-A Design. The research will...
-
The Textron company in Mt. Vernon, Texas, asked you to develop quarterly forecasts of combine sales for next year. Combine sales are seasonal, and the data on the quarterly sales for the last four...
-
A car traveling 87.0 km/h is 1500 m behind a truck traveling at 74.0 km/h. How far from its initial position does the car have to travel to catch up to the truck.
-
7. Soru Which of the given statement is correct if you apply nth-Term Test to the series cos -? n=1 OA ) The series converges to 1. OB ) The series diverges. OC ) The series converges to 5. OD ) The...
-
Chapter 2 discussed international trade and the exchanging goods and services betweenpeople or entities in two different countries. Porter's theory states that the capacity of an industryto innovate...
-
More than 300 words for each question. For example, a contract with a travel agency to travel to Taiwan may be argued to have been frustrated by the temporary entry ban imposed by Taiwan provided...
-
illustrate personal leadership behaviors and practices within a team. In your post, address the following: . What are three to four behaviors and practices of an effective team leader? Why do you...
-
what is the Cash-On-Cash (ROI) trying to tell us? a. This is telling us how maximum rent the tenants of the building will pay. b. This is telling us the minimum rent we need to breakeven. c. This is...
-
Based on the economics of this issue, the author concludes this is a huge problem for the longevity of digital assets. Read the article below. Why does the author compare digital assets to Multilevel...
-
Read the article Strategic performance measurement of SUPPLIERS AT HTC and answer the question: For each supplier, should orders be increased or decreased?
-
Suppose you need to answer any four of seven essay questions on a history test and you can answer them in any order. a. How many different question combinations are possible? b. What is the...
-
Using an economic balance sheet, which of the Laws current financial assets is most concerning from an asset allocation perspective? A. Equities B. Real estate C. Fixed income Raye uses a costbenefit...
-
Using the economic balance sheet approach, the Laws economic net worth is closest to: A. $925,000. B. $1,425,000. C. $1,675,000. Raye uses a costbenefit approach to rebalancing and recommends that...
-
Raye believes the previous advisers asset class specifications for equity and derivatives are inappropriate given that, for purposes of asset allocation, asset classes should be: A. diversifying. B....
Study smarter with the SolutionInn App