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Exercise 8-49(Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2,4,5) Terminal Industries...

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Accounting

Exercise 8-49(Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2,4,5)
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.
\table[[WIP Inventory Processing Department: August 1,],[Quantity (6es complete),28,000 units],[Transferred-in costs (from Mixing Department),42,380],[Conversion costs (Processing Department),14,812],[Total wIP cost: August 1,$57,192
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