Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help Washington State Fisheries, Inc., processes salmon for various distributors. Two departments, processing and packaging, are involved. Data relating to tons of salmon sent to

image text in transcribed
image text in transcribed
image text in transcribed
Help Washington State Fisheries, Inc., 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 Direct Materials Conversion 808 708 508 308 Tons of Salmon 1,200 3,800 9,400 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Started processing during May 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%? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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%? Equivalent Units 7,370 Direct materials Conversion Pablo Company calculates the cost for an equivalent unit of production using process costing. Data for June Work-in-procOSS Inventory, June 11 24,000 units Direct materials 1001 complete Conversion408 complete Balance in work-in-process, June 1 Units started during June Units completed and transferred out Work-in-process inventory, June 30 Direct materials 1000 complete Conversion: 808 complete Costs incurred during June Direct materials Conversion costs Direct labor Applied overhead Total conversion costs $ 48,000 19,200 $ 67,200 56,800 56,800 24,000 $176,080 176,080 221,520 $397,600 Required: 1. Compute the cost per equivalent unit for both the weighted average and FIFO methods. (Round your answers to 3 decimal places.) Weighted Average Cost per EU FIFO Cost per EU Direct materials Conversion Total cost 0.000 $ 0.000 Taxes R Us (TRU), an income tax preparation firm, uses the FIFO method of process costing for its monthly reports. TRU has no materials cost in the preparation of the returns. The following shows its March information: Returns in process, March 1 (30% complete) Returns started in March Returns in process, March 31 (908 complete) Labor and overhead costs for returns in process, March 1 Labor and overhead costs incurred in March 250 2,350 500 $ 6,250 $309,375 Required: Calculate the following amounts for conversion costs using the FIFO method: 1. 2. 3. 4. Number of equivalent units tax returns) Cost per equivalent unit Cost of completed tax returns for the month of March Cost of tax returns in process as of March 31 Prey 7 of 10 Next >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditors Guide To IT Auditing

Authors: Richard E. Cascarino

2nd Edition

1118147618, 978-1118147610

More Books

Students also viewed these Accounting questions

Question

What is a verb?

Answered: 1 week ago