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Preparing a Quantity Schedule – FIFO Method (20 marks) Hielta Oy, a Finnish company, processes wood...
Preparing a Quantity Schedule – FIFO Method Hielta Oy, a Finnish company, processes wood pulp for various manufacturers of paper products. Data relating to tonnes of pulp processed during June are provided below: Percentage Completed Tonnes of Pulp Materials Labour and Overhead Work in process, June 1 20,000 90% 80% Work in process, June 30 30,000 60% 40% Started into processing during June 190,000 REQUIRED: Prepare a quantity schedule for June assuming that Hielta Oy uses the FIFO method.
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| Statement of Equivalent production | ||||||
| Particulars | Direct Materials | %completion | Equivalent mat | Labour & O/H | %completion | Equivalent Labour & O/H |
| Opening WIP | 20,000.00 | 10% | 2,000.00 | 20,000.00 | 20% | 4,000.00 |
| Units started and completed(190,000 - 30,000) | 160,000.00 | 100% | 160,000.00 | 160,000.00 | 100% | 160,000.00 |
| ending WIP | 30,000.00 | 60% | 18,000.00 | 30,000.00 | 40% | 12,000.00 |
| Equivalent Units | 180,000.00 | 176,000.00 |
ekkarill92 answered 1 year agoRelated Solutions
Hielta Oy, a Finnish company, processes wood pulp for various manufacturers of paper products. Data relating...
Hielta Oy, a Finnish company, processes wood pulp for various
manufacturers of paper products. Data relating to tons of pulp
processed during June are provided below:
Percent Completed
Tons of Pulp
Materials
Labor and Overhead
Work in process, June 1
81,700
82%
25%
Work in process, June 30
51,900
46%
17%
Started into production during June
300,600
Required:
1.
Compute the number of tons of pulp completed and transferred out
during June.
2....
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Percent Completed
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Materials
Labor and Overhead
Work in process, June 1
82,000
82
%
24
%
Work in process, June 30
51,400
42
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16
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Started into production during June
301,900
Compute the number of tons of pulp completed and transferred out
during...
Highlands Company uses the weighted-average method in its process costing system. It processes wood pulp for...
Highlands Company uses the weighted-average method in its
process costing system. It processes wood pulp for various
manufacturers of paper products. Data relating to tons of pulp
processed during June are provided below:
Percent Completed
Tons of
Pulp
Materials
Labor and Overhead
Work in process, June 1
80,500
90
%
29
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Work in process, June 30
50,400
43
%
16
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Started into production during
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Required:
1. Compute the number of tons of pulp completed and transferred...
Highlands Company uses the weighted-average method in its process costing system. It processes wood pulp for...
Highlands Company uses the weighted-average method in its
process costing system. It processes wood pulp for various
manufacturers of paper products. Data relating to tons of pulp
processed during June are provided below:
Percent Completed
Tons of Pulp
Materials
Labor and Overhead
Work in process, June 1
81,700
86
%
22
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Work in process, June 30
51,200
45
%
18
%
Started into production during June
301,800
Required:
1. Compute the number of tons of pulp completed and transferred...
Highlands Company uses the weighted-average method in its process costing system. It processes wood pulp for...
Highlands Company uses the weighted-average method in its
process costing system. It processes wood pulp for various
manufacturers of paper products. Data relating to tons of pulp
processed during June are provided below:
Percent Completed
Tons of Pulp
Materials
Labor and Overhead
Work in process, June 1
80,000
81
%
29
%
Work in process, June 30
51,100
41
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Started into production during June
300,800
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