Exercise 8-50 (Algo) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 3, 4, 6) Terminal Industries (TI) produces a product using three departments: Mixing. Processing, and Filtering. New material is added on the Mixing Department. The following information is given for the Processing Department for August. Tl uses process costing. HIP 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 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 Mixing Processing Costs accounted for Costs assigned to units transferred out Costs of ending WIP inventory Physical Units Equivalent Units Mixing Department Processing Department Total Mixing Department Processing Department

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing …

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In compari…