Exercise Algo Prepare a Production Cost Report: FIFO Method LO
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
Quantity Ges complete ee units
Transferredin costs from Mixing Deportment
Converstan costs Processing Departaent
Total MIP cost: August
Current production and costs August
Units started
Current costs
Transferredin costs fron Mixing Department
Conyersion costs Processing Departenent
Total current cost: Augast
WLP Inventory Processing Departnent August
Quantity complete
Transferredin costs from Mixing Deportment
Conversion costs Processing epartinent
Total MIP cost: August
Required:
Complete the production cost report for August using FIFO.
Note: Round "Cost per equivalent unit" to decimal places.
Requirud:
Complete the production cost repont for August usho FFO.
Note: Pound "Cost per equivnlent unit" is secimbl placts.
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