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

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

Name: Alaskan Fisheries, Incorporated, processes salmon for various distrib
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Description: Alaskan Fisheries, Incorporated, processes salmon for various distributors and it uses the weighted-average method in its processcosting system. The company has two processing departments-Cleaning and Packing. Data relating to pounds of salmon proce

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: 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.
Badgersize Company has the following information for its Forming Department for the month of August. Work in Process Inventory, August 1: 20,000 units Direct materials: 100% complete Conversion: 20% complete Balance in work in process, August 1 Units started during August Units completed and transferred in August Work in process (70% complete), August 31 Costs charged to Work in Process in August Direct materials Conversion costs: Direct labor Overhead applied Total conversion a. b. Assume materials are added at the start of processing. Required: a. Calculate the equivalent units for the Forming Department for the month of August. b. Find the cost per equivalent unit of direct materials and conversion associated with the units transferred during the month. (Round your answers to 2 decimal places.) Equivalent units Cost per equivalent unit Direct Materials $ 80,000 24,000 $ 104,000 48,000 60,000 ? Conversion $ 130,000 $ 105,000 149,000 $ 254,000
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Pureform, Incorporated, uses the FIFO method of process costing. It manufactures a product passing through two departments. Data for a recent month for the first department follow: bints Work in process inventory, beginning Units started in process Units transferred out eBook Print Work in process inventory, ending Cost added during the month References Units 58,000 549,000 570,000 Materials $ 56,200 Labor $ 19,700 Overhead $ 24,100 37,000 $ 627,670 $ 164,130 $ 191,485 The beginning work in process inventory was 80% complete for materials and 65% complete for labor and overhead. The ending work in process inventory was 60% complete for materials and 40% complete for labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Compute the first department's cost per equivalent unit for materials, labor, overhead, and in total for the month. Note: Round your answers to 2 decimal places. 1. Equivalent…
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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…
Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 10,200 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 Units Total costs - Equivalent units of production Cost per equivalent unit of production 2,500 10,200 9,500 3,200 Percent Complete for Direct Materials 60% Direct Materials $964 1,519 11, 256 19,721 85% Calculate the Assembly department's cost per equivalent unit of production for materials and for conversion for November. Use the weighted average method. Conversion Percent Complete for Conversion 40% $ 2,483 30,977…
Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier uses the weighted-average process costing method to account for costs of production in all three departments. The following information was obtained for the Fabricating Department for the month of September. Work in process on September 1 had 15,000 units made up of the following: Amount Degree of Completion Prior department costs transferred in from the Extruding Department $ 80,250 100% Costs added by the Fabricating Department Direct materials $ 40,500 90% Direct labor 10,200 70% Manufacturing overhead 9,420 35% $ 60,120 Work in process, September 1 $ 140,370 During September, 75,000 units were transferred in from the Extruding Department at a cost of $446,250. The Fabricating Department added the following costs: Direct materials $ 214,200 Direct labor 64,800 Manufacturing overhead 34,380 Total costs added $ 313,380…
Super Sports Drinks, Inc. has two departments: Mixing and Bottling. Direct materials are added at the beginning of the mixing process and at the end of the bottling process. Conversions costs are added evenly throughout each process. Data for the month of May for the Mixing Department are as follows: Units Amount Beginning Work-in-Process Inventory 0 units Started in production 7,780 units Completed and transferred out to Bottling 4,110 units Ending Work-in-Process Inventory 60% through mixing process 3,670 units Costs Amount Beginning Work-in-Process Inventory $0.00 Costs added during May: Direct Materials $8,531 Direct Labor $2,264 Manufacturing overhead allocated $4,680 Total costs added during May $15,475 Complete the production report for the month of May.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).