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Pacific Fisheries, Inc. processes salmon for various distributors. Two departments are involved-processing and packaging. Data...

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Accounting

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:

52:15

Kilograms of

Salmon

Percentage Completed*

Work in process,

August 1

37,000

20%

Started into processing during August

398,000

Work in process, August 31

27,000

50%

*Labour and overhead only.

All materials are added at the beginning of manufacturing in the processing department. Labour and overhead (conversion) costs are incurred uniformly throughout processing

Required:

Prepare quantity schedules and a computation of equivalent units for August for the processing department using the FIFO method.

Quantity Schedule

Kilograms to be accounted for:

Total kilograms

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