Alaskan Fisheries, Inc., processes salmon for various distributors and uses the weighted-average method in its process costing system. The company has two processing departments—Cleaning and Packing. Data relating to pounds of salmon processed in the Cleaning Department during July are presented below:| | Pounds of Salmon | Percent Completed ||----------------------------|------------------|-------------------|| | | Materials | Labor and Overhead || Work in process inventory, July 1 | 20,000 | 100% | 30% || Work in process inventory, July 31 | 25,000 | 100% | 60% |A total of 380,000 pounds of salmon were started into processing during July. All materials are added at the beginning of processing in the Cleaning Department.**Required:**Compute the Cleaning Department's equivalent units of production for materials and for labor and overhead in the month of July.Below is an empty table where you will compute the equivalent units of production:| | Materials | Labor and Overhead ||----------------------------|-----------|--------------------|| Equivalent units of production | | |

Pounds completed and transferred = Beginning WIP + Pounds started - Ending WIP Pounds completed and…

Answered: Alaskan Fisheries, Inc., processes…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Alaskan Fisheries, Inc., processes salmon for various distributors and it uses the weighted-average method in its process costing system. The company has two processing departments-Cleaning and Packing. Data relating to pounds of salmon processed in the Cleaning Department during July are presented below: Work in process inventory, July 1 Work in process inventory, July 31 Pounds of Salmon 20,000 25,000 Equivalent units of production N Materials Percent Completed Materials 100% 100% A total of 380,000 pounds of salmon were started into processing during July. All materials are added at the beginning of processing in the Cleaning Department. Labor and Required: Compute the Cleaning Department's equivalent units of production for materials and for labor and overhead in the month of July. Labor and Overhead Overhead 30% 60%
Vaasa Chemicals makes a product by way of two processes – Mixing & Refining. Its process costing system in the Mixing Department has two direct cost categories (Chemical P & Chemical Q) and one conversion costs pool. Chemical P is introduced at the start of the operations in the Mixing Department and Chemical Q is added when the product is three- fourths (75%) completed in the Mixing Department. The following information pertains to the Mixing department for July: Units Work in process inventory, July 1 0 Started production 50,000 Completed and transferred to Refining Department 35,000 Ending work in process inventory [two-thirds(66⅔%) of the way through the Mixing process] 15,000 Costs Beginning WIP inventory $0 Costs added during July: Chemical P 250,000 Chemical Q 70,000 Direct Labour 32,000 Manufacturing overhead 103,000 Required: i) Compute the equivalent units in the Mixing Department for direct materials and for conversion costs ii) Compute:…
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Alaskan Fisheries, Inc., processes salmon for various distributors and it uses the weighted-average method in its process costing system. The company has two processing departments—Cleaning and Packing. Data relating to pounds of salmon processed in the Cleaning Department during July are presented below: Percent Completed Pounds of Salmon Materials Labor and Overhead Work in process inventory, July 1 20,000 100 % 30 % Work in process inventory, July 31 25,000 100 % 60 % A total of 380,000 pounds of salmon were started into processing during July. All materials are added at the beginning of processing in the Cleaning Department. Required: Compute the Cleaning Department's equivalent units of production for materials and for labor and overhead in the month of July.
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow. Units 76,000 Materials $ 68,400 Labor $ 30,200 Overhead $ 41,900 Work in process inventory, beginning Units started in process 719,000 Units transferred out 740,000 Work in process inventory, ending 55,000 Cost added during the month $ 984,725 $ 372,370 $ 517,225 The beginning work in process Inventory was 90% complete with respect to materials and 75% complete with respect to labor and overhead. The ending work in process inventory was 70% complete with respect to materials and 10% complete with respect to labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. (Round your answers to…
McGregor's Hot Sauce uses a process costing system to determine its product's cost. The last of the three processes is packaging. The Packaging Department reported the following information for the month of July: (Click the icon to view the reported information for July.) The units in ending work in process inventory were 90% complete with respect to direct materials but only 60% complete with respect to conversion. Requirement Summarize the flow of physical units and compute output in terms of equivalent units in order to arrive at the missing figures (a) through (1). McGregor's Hot Sauce Packaging Department Month Ended July 31 Flow of Production Units to account for: Beginning work in process, July 1 Plus: Transferred in during July Total physical units to account for Units accounted for: Completed and transferred out during July Plus: Ending work in process, July 31 Total physical units accounted for Total Equivalent Units Step 1: Flow of Physical Step 2: Equivalent Units Units…
Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,200 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory. Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Cost per Equivalent Unit of Production Costs added this period Costs of beginning work in process Total costs + Equivalent units of production Cost per equivalent unit of production Units 3,000 12,200 10,000 5,200 Direct Materials $ Percent. Complete for Direct Materials 70% $ 1,484 804 12,936 16,926 85% Calculate the Assembly department's cost per equivalent unit of production for materials and for conversion for November. Use the weighted average method. 1,484 1,484 $ $ 2,288…
Cosby Company uses a process costing system. The company adds all materials at the beginning of the process in the Molding Department, which is the first of two stages of its production process. Information concerning the materials used in the Molding Department during March is as follows: Units started during March- 112,000 units, Units completed and transferred- 97,000 units, Units in process, end (50% complete)- 15,000, Material Cost- P57,120, Conversion Cost- P142,800. Assume, there was a loss of 10,000 units, normal loss of company is 5% of good units which are discovered at the end of the process. What is the cost of goods completed and transferred to be recorded? P189,859.56 P184,767.06 P194,109.73 P191,122.26
Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in Process—Filling on April 1 and debits to the account during April were as follows:Bal., 800 units, 30% completed:Direct materials (800 × $4.30) $ 3,440Conversion (800 × 30% × $1.75) 420 $ 3,860From Cooking Department, 7,800 units $34,320Direct labor 8,562Factory overhead 6,387During April, 800 units in process on April 1 were completed, and of the 7,800 units entering the department, all were completed except 550 units that were 90% completed.Charges to Work in Process—Filling for May were as follows:From…

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