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Alaskan Fisheries, Inc., processes salmon for various distributors and it uses the weighted-average method in its...

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Accounting

Alaskan Fisheries, Inc., processes salmon for variousdistributors and it uses the weighted-average method in its processcosting system. The company has two processing departments—Cleaningand Packing. Data relating to pounds of salmon processed in theCleaning Department during July are presented below:

Percent Completed
Pounds of SalmonMaterialsLabor and Overhead
Work in process inventory, July 131,000100%60%
Work in process inventory, July 3124,000100%90%

A total of 500,000 pounds of salmon were started into processingduring July. All materials are added at the beginning of processingin the Cleaning Department.

Required:

Compute the Cleaning Department's equivalent units of productionfor materials and for labor and overhead in the month of July.

Answer & Explanation Solved by verified expert
4.1 Ratings (828 Votes)

Materials Labor and Overhead
Equivalent units of production 5,31,000           5,28,600
Working:
# 1 Calculation of units completed:
Work in process inventory, July 1               31,000
Add units started during July           5,00,000
Less Work in process inventory, July 31               24,000
Units completed           5,07,000
# 2 Calculation of Equivalent units of production:
Materials Labor and Overhead
Physical Units % completion Equivalent units of production % completion Equivalent units of production
Units completed 5,07,000 100%            5,07,000 100%                      5,07,000
Work in process inventory, July 31      24,000 100%                24,000 90%                         21,600
Total 5,31,000            5,31,000                      5,28,600

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