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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