Alaskan Fisheries, Incorporated, 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 33,000 23,000 Equivalent units of production Materials Percent Completed Labor and Materials. 100% 100% A total of 480,000 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. Overhead 57% 70% Labor and Overhead

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Alaskan Fisheries, Incorporated, 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
33,000
23,000
Equivalent units of production
Materials
Percent Completed
Labor and
Materials
100%
100%
A total of 480,000 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.
Labor and
Overhead
Overhead
57%
70%
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Transcribed Image Text:Alaskan Fisheries, Incorporated, 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 33,000 23,000 Equivalent units of production Materials Percent Completed Labor and Materials 100% 100% A total of 480,000 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. Labor and Overhead Overhead 57% 70% < Prev 4 of 5 www Next >
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Equivalent units of production = Units completed and transferred out + Units in ending WIP * %Completion with respect to material or conversion as the case may be

 

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