FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Highlands Company uses the weighted-average method in its process costing system. It processes wood pulp for various
manufacturers of paper products. Data relating to tons of pulp processed during June are provided below:
Work in process, June 1
Work in process, June 30
Started into production during June
Tons of Pulp
80,900
50,800
300,600
Percent Completed
Materials
80%
45%
Labor and
Overhead
28%
20%
Required:
1. Compute the number of tons of pulp completed and transferred out during June.
2. Compute the equivalent units of production for materials and for labor and overhead for June.
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Transcribed Image Text:Highlands Company uses the weighted-average method in its process costing system. It processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed during June are provided below: Work in process, June 1 Work in process, June 30 Started into production during June Tons of Pulp 80,900 50,800 300,600 Percent Completed Materials 80% 45% Labor and Overhead 28% 20% Required: 1. Compute the number of tons of pulp completed and transferred out during June. 2. Compute the equivalent units of production for materials and for labor and overhead for June.
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