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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Exercise 8-50 (Algo) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 3, 4, 6)
Terminal Industries (Tl) 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
Required:
32,750 units
$ 45,670
13,802
$ 59,472
79,750 units
$ 97,700
62,600
$ 160,300
17,750 units
??
??
??
a. Complete the production cost report for August using the weighted-average method.
Note: Round "Cost per equivalent unit" to 2 decimal places.
Flow of units
Cuts 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
Mixing
Processing
Costs accounted for:
Costs assigned to units transferred out
Costs of ending WIP inventory
Total costs accounted for
Physical Units
Equivalent Units
Mixing
Department
Processing
Department
Total
Mixing
Department
Processing
Department
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