Refer to the data for Finlay Fisheries in E5-4.

Data from E5-4

Finlay Fisheries processes salmon for various distributors. Two departments are involved – Department 1 and Department 2. Data relating to kilos of salmon processed in Department 1 during July are presented below:

All materials are added at the beginning of processing in Department 1. Labour and overhead (conversion) costs are incurred uniformly throughout processing.

Required
Prepare a quantity schedule and a computation of equivalent units for July for Department 1 assuming that the company uses the FIFO method of accounting for units.

Transcribed Image Text:

Work in progress, 1 July Started into processing during July Work in progress, 31 July *Labour and overhead only. Kilos of salmon 20,000 380,000 25,000 Percentage completed* 30% 60%