Hielta Oy, a Finnish company, processes wood pulp for various manufacturers of p

Question

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 20,700 83% 83%
Work in process, June 30 28,000 66% 45%
Started into production during June 190,400

Assume that the company uses the FIFO method in its process costing system.

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

Completed and transferred out during the month____ tons of pulp

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

Materials____
Labor and Overhead_____

Explanation / Answer

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 20,700 83% 83% Work in process, June 30 28,000 66% 45% Started into production during June 190,400 Requirement 2: Compute the equivalent units of production for materials and for labor and overhead for June. Materials____ Labor and Overhead_____

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