Washington State Fisheries, Incorporated 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 1,000 80% 70% Work-in-process inventory, May 31 2,000 50% 30% Started processing during May 7,000     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%?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Washington State Fisheries, Incorporated 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 1,000 80% 70%
Work-in-process inventory, May 31 2,000 50% 30%
Started processing during May 7,000    

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%?

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