Exercise 3-14. Quantity Schedule and Equivalent Units [LO 2, 3] Simon Fishing Co

Question

Exercise 3-14. Quantity Schedule and Equivalent Units [LO 2, 3]
Simon Fishing Co. processes salmon for various distributors. The two departments involved are Cleaning and Packing. The next table summarizes the data related to pounds of salmon processed in the Cleaning Department during June
_________________________________________Pounds of Salmon _____________Percent Complete*
Work in Process, June 1 40,000 50%
Started into processing during June 500,000 ----
Work in Process, June 30 30,000 75%

*Labor and overhead only

All materials are added at the beginning of the process in the Cleaning Department.

Required

Prepare a reconciliation of units and a computation of equivalent units for June for the Cleaning Department.

Explanation / Answer

Hi,

Please find the answer as follows:

Notes:

Closing WIP for Material is 100% (30000*100%) complete as labor is added in the beginning of the period.

Closing WIP for Conversion is 75% (30000*75%) complete.

Thanks.

Quantities Physical Units Equivalent Units Material Conversion Units to be accounted for Opening Work in Process         40000 Started into Production     500000 Total Units     540000 Units Accounted for Transferred Out     510000      510000           510000 Closing Work in Progress         30000          30000               22500 Total Units    540000      540000           532500

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