Question
In: Accounting
Kitty Inc. processes fish for various cat food distributors. Two departments are involved Department 1 and...
Kitty Inc. processes fish for various cat food distributors. Two departments are involved Department 1 and Department 2. Data relating to kilograms of Cat Food processed in Department 1 during July are presented below:
|
Kg. of Cat Food |
Percentage Completed |
|
|
WIP, May 1st |
20,000 |
30% |
|
Started into process during May |
380,000 |
- |
|
WIP, May 31st |
25,000 |
60% |
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.
Solutions
Expert Solution
| Kitty Inc. | ||||
| Production Cost Report (Extracts) | ||||
| For the month ended July 31 | ||||
| Actual Units | ||||
| Calculation of Physical UNITS: | ||||
| Units in beginning inventory | 20,000 | |||
| Units started during the period | 380,000 | |||
| Units to be accounted for | 400,000 | |||
| Actual Units | Equivalent Units | |||
| Material | CONVERSION | |||
| Units Completed and Transferred | 375,000 | 375,000 | 375,000 | |
| Units in ending inventory | 25,000 | 25,000 | 15,000 | |
| Equivalents Units of production | 400,000 | 400,000 | 390,000 | |
| Material | CONVERSION | |||
| Equivalents Units of production | 400,000 | 390,000 | ||
ekkarill92 answered 3 years agoRelated Solutions
Kitty Inc. processes fish for various cat food distributors. Two departments are involved Department 1 and...
Kitty Inc. processes fish for various cat food distributors. Two
departments are involved Department 1 and Department 2. Data
relating to kilograms of Cat Food processed in Department 1 during
July are presented below:
WIP, May 1st
20,000
30%
Started into process during May
380,000
-
WIP, May 31st
25,000
60%
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...
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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: Work in process, July
1 33,000 pounds at 40% complete* Started into processing in July
445,000 pounds Work in process, July 31 38,000 pounds at 70%
complete* *Percentage completion refers to labour and overhead
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department during May follow: Percent Completed Tons of Salmon
Direct Materials Conversion Work-in-process inventory, May 1 1,140
80 % 70 % Work-in-Process inventory, May 31 2,960 50 % 30 % Started
processing during May 7,300
Required: 1. Calculate the number of tons completed and
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2. Calculate the number of...
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Alaskan Fisheries, Inc., processes salmon for various
distributors and it uses the weighted-average method in its process
costing system. The company has two processing departments—Cleaning
and Packing. Data relating to pounds of salmon processed in the
Cleaning Department during July are presented below:
Percent Completed
Pounds of Salmon
Materials
Labor and Overhead
Work in process inventory, July 1
29,000
100
%
56
%
Work in process inventory, July 31
23,000
100
%
70
%
A total of 520,000 pounds of...
laskan Fisheries, Inc., processes salmon for various distributors and it uses the weighted-average method in its...
laskan Fisheries,
Inc., processes salmon for various distributors and it uses the
weighted-average method in its process costing system. The company
has two processing departments—Cleaning and Packing. Data relating
to pounds of salmon processed in the Cleaning Department during
July are presented below:
Percent Completed
Pounds of
Salmon
Materials
Labor and Overhead
Work
in process inventory, July 1
32,000
100
%
56
%
Work in process
inventory, July 31
17,000
100
%
70
%
A total of 450,000
pounds of...
Alaskan Fisheries, Inc., processes salmon for various distributors and it uses the weighted-average method in its...
Alaskan Fisheries, Inc., processes salmon for various
distributors and it uses the weighted-average method in its process
costing system. The company has two processing departments—Cleaning
and Packing. Data relating to pounds of salmon processed in the
Cleaning Department during July are presented below:
Percent Completed
Pounds of Salmon
Materials
Labor and Overhead
Work in process inventory, July 1
31,000
100
%
60
%
Work in process inventory, July 31
24,000
100
%
90
%
A total of 500,000 pounds of...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the...
Betty DeRose, Inc. operates two departments, the handling
department and the packaging department. During April,
the handling department reported the following information:
% complete % complete
units DM conversion
work in process, April 1 27,000 60% 25%
units completed during April 46,000
work in process, April 30 32,000 70% 45%
The cost of beginning work in process and the costs added
during April were as follows:
DM Conversion Total cost
work in process, April 1 $ 20,340 $168,690 $189,030
costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the...
Betty DeRose, Inc. operates two departments, the handling
department and
the packaging department. During April, the handling department
reported
the following information:
%
complete % complete
units
DM
conversion
work in process, April
1
19,000
80%
35%
units completed during April 71,000
work in process, April 30
11,000
45%
70%
The cost of beginning work in process and the costs added during
April
were as follows:
Direct materials
Conversion
work in process, April
1
$139,810
???
costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the...
Betty DeRose, Inc. operates two departments, the handling
department and the packaging department. During April, the handling
department reported the following information:
----------------------------------units % --------complete %
------complete conversion
work in process, April 1 --81,000 ------------38%
----------------71%
units started during April
--80,000-----------------------------------------
work in process, April 30 -- 4,000-----------
82%---------------- 74%
The cost of beginning work in process and the costs added during
April were as follows:
---------------------------------------DM------- Conversion
work in process, April 1--- $84,194----------- $171,994
costs added during April 1----...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the...
Betty DeRose, Inc. operates two departments, the handling department and
the packaging department. During April, the handling department reported
the following information:
% complete % complete
units DM conversion
work in process, April 1 19,000 80% 35%
units completed during April 71,000
work in process, April 30 11,000 45% 70%
The cost of beginning work in process and the costs added during April
were as follows:
Direct materials Conversion
work in process, April 1 $139,810 ???
costs added during April...
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