The THV, Inc. processes tuna for various distributors. Two departments are involved, processing and packaging. Data relating to tons of tuna sent to the processing department during April 2016 are: Tons of Tuna Percentage Completed Materials Conversion Work-in-process inventory, Apr. 1 Work-in-process inventory, Apr. 30 Started processing during April 1,500 80% 70% 50 2,300 6,500 30 5. The number of tons completed and transferred out during the month are a. 8,000 b. 6,500 c. 5,700 d. 1,500 6. Assuming the company uses the weighted average method, what are the equivalent units for materials? a. 5,700 b. 6.500 c. 6,850 d. 7,750 7. Assuming the company uses the weighted average method, what are the equivalent units for conversion? a. 6,390 b. 5,700 c. 8,000 d. 6,250
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- East Bay Fisheries Inc. processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2019 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 1,500 90 80 Work-in-process inventory — June 30 2,800 60 40 Started processing during June 7,800 Total equivalent units for materials under the weighted-average method are calculated to be:East Bay Fisheries Inc. processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2019 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 3,300 86 89 Work-in-process inventory — June 30 4,600 69 50 Started processing during June 9,500 Total equivalent units for conversion under the weighted-average method are calculated to beHook Bait Incorporated processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2020 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 3,400 85 87 Work-in-process inventory — June 30 4,700 60 37 Started processing during June 9,600 Total equivalent units for materials under the weighted-average method are calculated to be: Multiple Choice 10,496 equivalent units. 8,010 equivalent units. 11,120 equivalent units. 7,865 equivalent units. 10,039 equivalent units.
- Hook Bait Incorporated processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2020 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 1,600 92 81 Work-in-process inventory — June 30 2,900 62 41 Started processing during June 7,900 Total equivalent units for materials under the FIFO method are calculated to be: Multiple Choice 7,318 equivalent units. 6,926 equivalent units. 7,789 equivalent units. 7,080 equivalent units. 8,398 equivalent units.Hook Bait Incorporated processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2020 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 2,000 94 81 Work-in-process inventory — June 30 3,300 61 38 Started processing during June 8,300 Total equivalent units for conversion under the weighted-average method are calculated to be: Multiple Choice 7,168 equivalent units. 9,013 equivalent units. 7,323 equivalent units. 8,177 equivalent units. 8,254 equivalent units.East Bay Fisheries Inc. processes king salmon for various distributors. Two departments are involved — processing and packaging. Data relating to tons of king salmon processed in the processing department during June 2019 are provided below: Tons of King Salmon Percent Completed Materials Conversion Work-in-process inventory — June 1 2,800 98 79 Work-in-process inventory — June 30 4,100 62 46 Started processing during June 9,000 Total equivalent units for materials under the weighted-average method are calculated to be a. 7602 equivalent units b. 10,242 equivalent units. c. 7,762 equivalent units. d. 9,733 equivalent units. e. 9,586 equivalent units.
- Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 29,053 Conversion costs 9,355 Current period costs Direct materials 176,567 Conversion costs 91,145 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 45,700 units Ending inventory 28,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 24,553 Conversion costs 8,005 Current period costs Direct materials 145,832 Conversion costs 72,740 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 44,800 units Ending inventory 19,000 units (75% complete as to materials, 35% complete as to conversion) Required: Compute the equivalent units for the materials and conversion cost calculations. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.Washington State Fisheries, Incorporated, processes salmon for various distributors. Two departments, processing and packaging, are involved. Data relating to tons of salmon sent to the processing department during May follow: Tons of salmon Direct materials Conversion WIP inventory beginning 2,240 80% 70% Started during month 2,380 50% 30% WIP inventory ending 9,250 Calculate the number of equivalent units for both direct materials and conversion for the month of May, assuming that the company uses the weighted-average method. How would your answer change if the percentage of completion in ending inventory were as follows: direct materials 30%, conversion 40%?
- Washington State Fisheries, Inc., processes salmon for various distributors. Two departments, processing and packaging, are involved. Data relating to tons of salmon sent to the processing department during May follow: Percent Completed Tons of Salmon Direct Materials Conversion Work-in-process inventory, May 1 1,840 80 % 70 % Work-in-Process inventory, May 31 2,560 50 % 30 % Started processing during May 9,600 Required: 1. Calculate the number of tons completed and transferred out during the month. 2. Calculate the number of equivalent units for both direct materials and conversion for the month of May, assuming that the company uses the weighted-average method. 3. How would your answer in requirement 2 change if the percentage of completion in ending inventory were as follows: direct materials 30%, conversion 40%?The following are selected operating data for Jackson Company's Blending Department for April 2019. Tinting and packaging operations are carried out subsequently in other departments. Beginning inventory 6,000 units, 60% complete Started and completed 102,000 units Ending inventory 9,000 units, 30% complete Calculate the equivalent units completed using the weighted average method, assuming that the materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Jackson Company Flow of Units and Equivalent Units Calculation, April 2019 Equivalents Units Where do the units come from? Where do the units go? % WorkDone? DirectMaterials % WorkDone? ConversionCosts Beginning Inventory Answer Completed/Transferred Answer Answer Answer Answer Answer Started Answer Ending Inventory Answer Answer Answer Answer Answer Total Answer Total Answer Answer AnswerAnnin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 20,553 Conversion costs 6,805 Current period costs Direct materials 225,147 Conversion costs 117,460 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 44,000 units Ending inventory 11,000 units (75% complete as to materials, 35% complete as to conversion) Required: Compute the equivalent units for the materials and conversion cost calculations. Compute the cost per equivalent unit for direct materials and conversion costs. Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method.