Question

Highlands Company uses the FIFO method in its process costing system. It processes wood pulp for...

Highlands Company uses the FIFO 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 20,900 87 % 81 % Work in process, June 30 28,700 69 % 42 % Started into production during June 191,700

Required:

1. Compute the number of tons of pulp completed and transferred out during June.

2. Compute the equivalent units of production for materials and for labor and overhead for June.

 1) Calculation of number of tons of pulp completed & transferred particulars amount Work in process june 1 \$           20,900.00 Add: Started in production june \$        1,91,700.00 less: Work in process june 30 \$           28,700.00 tons completed & transferred \$        1,83,900.00 2) calculation of equivalent unit of production Particulars Material Labour & OH WIP begininng \$         2,717.00 \$              3,971.00 Unit completed \$   1,63,000.00 \$        1,63,000.00 WIP ending \$      19,803.00 \$           12,054.00 equivalent unit of production \$   1,85,520.00 \$        1,79,025.00 Working WIP - beginning 20900*13% 20900*19% unit completed 183900-20900 183900-20900 WIP - ending 28700*69% 28700*42%

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