Pacific Fisheries, Inc processes salmon for various distributors. Two departments are involved-processing and packaging. Datarelating to kilograms of salmon in processing during August are presented below:Work in process, August 1Started into processing during AugustWork in process, August 31Labour and overhead only.Kilograms of PercentageCompleted"20%50%Salmon34,500388,00024,500All materials are added at the beginning of manufacturing in the processing department Labour and overhead (conversion) costsare incurred uniformly throughout processingwwwRequired:Prepare quantity schedules and a computation of equivalent units for August for the processing department according to theweighted average cost method of accounting for unitsQuantitySchedule

Name: Pacific Fisheries, Inc processes salmon for various distributors. Two
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Pacific Fisheries, Inc processes salmon for various distributors. Two departments are involved-processing and packaging. Datarelating to kilograms of salmon in processing during August are presented below:Work in process, August 1Started into proces

Business

Accounting

Pacific Fisheries, Inc. processes salmon for various distributors. Two departments are involved-processing and packaging relating to kilograms of salmon in processing during August are presented below: Work in process, August 1 Started into processing during August Work in process, August 31 *Labour and overhead only. Kilograms of Percentage Completed 20% Salmon 34,500 388,000 24,500 50%

Pacific Fisheries, Inc. processes salmon for various distributors. Two departments are involved-processing and packaging relating to kilograms of salmon in processing during August are presented below: Work in process, August 1 Started into processing during August Work in process, August 31 *Labour and overhead only. Kilograms of Percentage Completed 20% Salmon 34,500 388,000 24,500 50%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The debits to Work in Process—Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,326 Conversion costs, 3,000 units, 40% completed 5,749 Materials added during April, 10,000 units 25,598 Conversion costs during April 34,639 Goods finished during April, 12,000 units 0 April 30 work in process, 1,000 units, 40% completed 0 All direct materials are added at the beginning of the process, and the first-in, first-out method is used to cost inventories. The conversion cost per equivalent unit for April is
Pierce Co. manufactures a single product that goes through two processes — mixing and cooking. The following data pertains to the Mixing Department for September. Work-in-process inventory, September 1 38,000 units Conversion — 60% completed Work-in-process inventory, September 30 24,000 units Conversion — 40% completed Units started into production 86,000 units Units completed and transferred out ? units Costs: Work-in-process inventory, September 1 Material R $122,300 Material S 143,780 Conversion 194,550 Costs added during September: Material R 409,660 Material S 246,820 Conversion 526,618 Material R is added at the beginning of work in the Mixing Department. Material S is also added in the Mixing Department, but not until units of product are thirty percent completed with regard to conversion. Conversion costs…
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.
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 Labor and Salmon Materials Overhead Work in process inventory, July 1 Work in process inventory, July 31 20,000 100% 30% 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. Labor and Materials Overhead Equivalent units of production
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…
Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information: Production: Units in process, July 1, 80% complete 60,000 gallons Units completed and transferred out 390,000 gallons Units in process, July 31, 75% complete 24,000 gallons Costs: Work in process, July 1 $ 96,000 Costs added during July 780,000 Required: 1. Calculate the equivalent units for July. equivalent units 2. Calculate the unit cost. Round your answer to the nearest cent. per unit 3. Assign costs to units transferred out and EWIP using the FIFO method. Note: Do not round interim computations. Cost of units transferred out Ending work in process
East Bay Fisheries Inc. processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2019 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 2,800 98 79 Work-in-process inventory — June 30 4,100 62 46 Started processing during June 9,000 Total equivalent units for materials under the weighted-average method are calculated to be a. 7602 equivalent units b. 10,242 equivalent units. c. 7,762 equivalent units. d. 9,733 equivalent units. e. 9,586 equivalent units.
Hook Bait Incorporated processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2020 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 3,400 85 87 Work-in-process inventory — June 30 4,700 60 37 Started processing during June 9,600 Total equivalent units for materials under the weighted-average method are calculated to be: Multiple Choice 10,496 equivalent units. 8,010 equivalent units. 11,120 equivalent units. 7,865 equivalent units. 10,039 equivalent units.
Candace's Candies, Inc. produces gummy bears. The company purchases raw materials, stores them in a warehouse, and then runs them through two processes: production and packaging. During September, the production process incurred the following costs in processing: Wages of workers operating production equipment Manufacturing overhead allocated to the production department Direct materials $50,700 5,000 250,000 Equivalent units of production was 23,000 units for materials and 22,500 units for conversion. Use the FIFO method to compute the September cost per equivalent unit of production for direct materials. OA. $2.42 OB. $2.48 O C. $11.11 OD. $10.87
Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information: Production: Units in process, July 1, 40% complete 20,000 gallons Units completed and transferred out 135,000 gallons Units in process, July 31, 45% complete 24,000 gallons Costs: Work in process, July 1 $40,000 Costs added during July 372,060 Required: Prepare a production report. Aztec Inc. Mixing Department Production Report For the Month of July (FIFO Method) Unit Information Physical flow: Units to account for: Units Units in beginning WIP Units started Total units to account for Units to account for: Units Units started and completed
The debits to Work in Process—Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 8,142 Conversion costs, 3,000 units, 40% completed 5,220 Materials added during April, 10,000 units 25,698 Conversion costs during April 32,143 Goods finished during April, 12,000 units 0 April 30 work in process, 1,000 units, 40% completed 0 All direct materials are added at the beginning of the process, and the first-in, first-out method is used to cost inventories. The conversion cost per equivalent unit for April is a.$3.21 b.$2.47 c.$2.80 d.$2.87
Hook Bait Incorporated processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2020 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 1,500 90 80 Work-in-process inventory — June 30 2,800 60 40 Started processing during June 7,800 Total equivalent units for materials under the FIFO method are calculated to be: Multiple Choice 6,830 equivalent units. 8,180 equivalent units. 6,980 equivalent units. 7,140 equivalent units. 7,620 equivalent units.