Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material...
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Accounting
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)
$ 37,100
Conversion costs (Processing Department)
14,412
Total WIP cost: August 1
$ 51,512
Current production and costs (August)
Units started
75,000
units
Current costs
Transferred-in costs (from Mixing Department)
$ 91,680
Conversion costs (Processing Department)
61,060
Total current cost: August
$ 152,740
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.
Note: Round "Cost per equivalent unit" to 2 decimal places.
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