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NUMBER 1

Alaskan Fisheries, Inc. processes salmon for various distributors. Two departments are involved-department 1 and department 2. Data relating to pounds of salmon processed in department 1 during July are presented below: Pounds of Salmon Work in process, July 1 35,000 Percentage Completed* 40% Started into processing during July 455,000 Work in process, July 31 *Labour and overhead only. 40,000 70% All materials are added at the beginning of processing in department 1. Labour and overhead (conversion) costs are incurred uniformly throughout processing. Required: Prepare quantity schedules and a computation of equivalent units for July for department 1 according to the weighted average cost method of accounting for units. Quantity Schedule Pounds to be accounted for: Work in process, July 1 35,000 Started into production during July 455,000 Total pounds 490,000 Pounds accounted for as follows: Equivalent Units (EU) Units Materials Conversion Transferred to department 2 during July Work in process, July 31 40,000 40,000 40,000 Total pounds and equivalent units of production 40,000 40,000 40,000