QUESTION: 23Alaskan Fisheries, Inc., processes salmon for various distributors and it usesthe weighted average method in its process costing system. The companyhas two processing departments-Cleaning and Packing. Data relating topounds of salmon processed in the Cleaning Department during July arepresented below:Poundsof Percent completedSalmonMaterials Labor&OverheadWork in process inventory, July 126,000100%57%Work in process inventory, July23,000100%70%31A total of 480,000 pounds of salmon were started into processing duringJuly. All materials are added at the beginning of processing in the CleaningDepartment.Required:Compute the Cleaning Department's equivalent units of production formaterials and for labor and overhead in the month of July.

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Answered: QUESTION: 23 Alaskan Fisheries, Inc.,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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ABC Corp. acquired all the assets and liabilities of XYZ Corporation by issuing shares of its common stock. On January 1, 2020, partial balance sheet data for the companies prior to the business combination and immediately following the combination is provided. ABC Corp. XYZ Corp. Combination Cash 65,000 25,000 90,000 Accounts receivable 72,000 20,000 94,000 Inventory 33,000 45,000 88,000 PPE (net) 400,000 150,000 650,000 Goodwill ? Total Assets 570,000 240,000 ? Accounts payable 50,000 25,000 75,000 Bonds payable 250,000 100,000 350,000 Common stock, P2 par 100,000 25,000 160,000 Share Premium 65,000 20,000 245,000 Retained earnings 105,000 70,000 ? Total Liab and Equity 570,000 240,000 ? What is the fair value of the net assets held by XYZ Corp at the date of combination? Group of answer choices 115,000 270,000 497,000…
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.
4
Question 4 Samantha's Office Supplies manufactures desk organizers in its Processing Department. Direct materials are included at the inception of the production cycle and must be bundled in single kits for each unit. Conversion costs are incurred evenly throughout the production cycle. Inspection takes place at the end of the production. Spoiled units generally constitute 8% of the good units. Data provided for March 2021 are as follows: Physical Direct Conversion Units Materials Costs 80% 50% Work in process, beginning (units) Started during current period Good units completed and transferred out during current period: Normal spoilage as percentage of good units Work in process, ending (given) 53,000 190,000 200,000 8.0% 21,000 90% 30% Cost of Work in process, beginning Costs added in current period $290,000 $100,000 $412,880 $270,412 Degree of completion of normal spoilage Degree of completion of abnormal spoilage 100% 100% 100% 100% Required Using the FIFO method of process…
FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department: Direct Materials Conversion Costs Units started and completed 40,000 40,000 Units, beginning work in process: 10,000 × 0% — — 10,000 × 50% — 5,000 Units, ending work in process: 20,000 × 100% 20,000 — 20,000 × 25% — 5,000 Equivalent units of output 60,000 50,000 Costs in beginning work in process were direct materials, $20,000; conversion costs, $80,000. Manufacturing costs incurred during April were direct materials, $240,000; conversion costs, $320,000. Required: 1. Prepare a…
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Exercise 8-52 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5, 6) Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 237,055 9,676 $ 898,625 103,140 The ending inventory has 22,900 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Flow of units: Units to be…
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Washington State Fisheries, Inc., processes salmon for various distributors. Two departments, processing and packaging, are involved. Data relating to tons of salmon sent to the processing department during May follow: Percent Completed Tons of Salmon Direct Materials Conversion Work-in-process inventory, May 1 1,840 80 % 70 % Work-in-Process inventory, May 31 2,560 50 % 30 % Started processing during May 9,600 Required: 1. Calculate the number of tons completed and transferred out during the month. 2. Calculate the number of equivalent units for both direct materials and conversion for the month of May, assuming that the company uses the weighted-average method. 3. How would your answer in requirement 2 change if the percentage of completion in ending inventory were as follows: direct materials 30%, conversion 40%?
86 Finch Cameras, Incorporated manufactures two models of cameras. Model ZM has a zoom lens; Model DS has a fixed lens. Finch uses an activity-based costing system. The following are the relevant cost data for the previous month: Direct Cost per Unit Direct materials Direct labor Category Unit level Batch level Product level Facility level Total Estimated Cost $ 24,000 47,000 87,500 270,000 $ 428,500 Model 2M Model DS $ 10.50 13.00 $ 20.50 29.00 Cost Driver Number of units Number of setups Number of TV commercials Number of machine hours Amount of Cost Driver ZM: 2,450 units; DS: 9,550 units ZM: 25 setups; DS: 25 setups ZM: 14; DS: 11 ZM: 500 hours; DS: 1,000 hours Finch's facility has the capacity to operate 4,500 machine hours per month. Required a. Compute the cost per unit for each product. b. The current market price for products comparable to Model ZM is $129 and for DS is $80. If Finch sold all of its products at the market prices, what was its profit or loss for the previous…

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