Materials Labor and Overhead

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
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
28,000
20,000
Equivalent units of production
Percent Completed
Labor and
Materials
Materials
100%
100%
A total of 460,000 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%
60%
Labor and
Overhead
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 28,000 20,000 Equivalent units of production Percent Completed Labor and Materials Materials 100% 100% A total of 460,000 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% 60% Labor and Overhead
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