Pacific Fisheries, Inc. processes salmon for various distributors. Two departments are involved-processing and packaging. Data 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% 50% All materials are added at the beginning of manufacturing in the processing department. Labour and overhead (conversion) costs are incurred uniformly throughout processing. Kilograms to be accounted for: Salmon 34,500 388,000 24,500 Required: Prepare quantity schedules and a computation of equivalent units for August for the processing department according to the weighted average cost method of accounting for units. Total kilograms Quantity Schedule 0

Pacific Fisheries, Inc. processes salmon for various distributors. Two departments are involved-processing and packaging. Data 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% 50% All materials are added at the beginning of manufacturing in the processing department. Labour and overhead (conversion) costs are incurred uniformly throughout processing. Kilograms to be accounted for: Salmon 34,500 388,000 24,500 Required: Prepare quantity schedules and a computation of equivalent units for August for the processing department according to the weighted average cost method of accounting for units. Total kilograms Quantity Schedule 0

Name: Pacific Fisheries, Inc. processes salmon for various distributors. Tw
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 proce

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 32P: Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a...

See similar textbooks

Similar questions

Case 6-20 Effect of Incorrect Costing across Departments-Weighted-Average Me LO5] Tavia Limited manufactures a plastic gasket that is used in automobile engines. The gaskets go through th Mixing, Forming, and Stamping. The company's accountant (who is very inexperienced) has prepared a su costs for the Forming Department for October, as follows: Work in process inventory, October 1 (10,500 units; materials 100% complete; conversion 7/8 complete) Costs transferred in from the Mixing Department Material added during October (added when processing is 50% complete in the Forming Department) Conversion costs added during October Total departmental costs Forming Department costs assigned to: Units completed and transferred to the Stamping Department (120,000 units at $3.81451 each) Work in process inventory, October 31 (5,500 units, conversion 2/5 complete) Total departmental costs assigned $ 45,045* 148,130 Required: 56,880 207,686 $457,741 $457,741 0 $457,741 *Consists of cost transferred…
The first production department of Stone Incorporated reports the following for April Direct Materials Percent Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required a Cost per equivalent unit of production: FIFO method Costs added this period Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-FIFO Beginning work in process To complete beginning work in process Direct materials Conversion Units 83,000 437,000 415,000 105,000 Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion #253,655 39,000 Total costs accounted for 1,529,595 1,012,100 (a) Calculate the costs per…
Requirements: USE WEIGHTED AVERAGE METHOD the unit cost of materials, rounded to 2 decimal places, for March is equivalent unit conversion cost, rounded to 2 decimal places, for March is the total equivalent units of production for direct materials is the total cost of the units in the ending work-in-process inventory at March 31 is
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process. Beginning Quarter WIP Started 1 134,350 133,250 132,591 132,516 133,247 133,437 491 134,844 134,035 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 2 Quarter 3 2 3 4 525 340 Units for material costs Transferred Conversion Out (%) Units for conversion costs Quarter 1 25 24 20 23 Quarter 4
Part A The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted - average method? Assume that the quarters are independent. \table [[Beginning ,,], [Quarter, \table [[Work in], [Process]], Started, Out, (%)],[1,, 255, 000, 235,50], [2, 2, 500, 275, 000, 250, 40], [3, 3, 600, 290, 000, 275,000, 45], [4, 6, 500, 300,000, 280, 000,60]]
E5-1 Computing equivalent production Compute the equivalent production (unit output) for the month for each of the following situations: Units Completed During Month Stage of Completion Units in Process, End of Month а. 10,000 5,000 1/2 b. 22,000 4,000 3/4 C. 8,000 1,000 1/4 500 2/5 d. 25,000 5,000 1/2 5,000 3/4 е. 48,000 1,500 4/5 4,000 1/4
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this periodi Completed and transferred out Ending work in process inventory Units started and completed Units 240.000 60,000 322,000 300,000 82,000 Direct Materials Percent Complete 60% 80% Conversion Percent Complete 40% (a) Compute the number of units started and completed this period for the first production department. 30%
The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 75% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 73,000 387,000 365,000 95,000 85% Conversion Percent Complete 25% 35%
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 84,000 442,000 420,000 106, 000 Direct Materials Percent Complete 80% 80% Conversion Percent Complete 20% 30%
End. Work in Process Inv. % Complete as to Beg. Work Units Completed in Process Month Inv. and Transferred Out Units Conversion Cost March 2,820 39,480 11,280 75% Compute equivalent units of production for March for both materials and conversion costs using the weighted-average method of process costing. Materials are entered at the beginning of the process. Quantities Units to be accounted for Work in process inventory, 3/1 Started into production Total units to be accounted for Equivalent Units of Production Physical Units Materials Conversion Costs
Goode Company has the following production data for selected months. EndingWork in Process Month BeginningWork in Process UnitsTransferred Out Units % Complete as toConversion Cost January –0– 40,300 10,300 42 % March –0– 41,800 9,000 75 July –0– 48,800 20,700 21 Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process. Materials Conversion Costs January March July
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.