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 21,400 82% 88%
Work in process, June 30 28,900 61% 47%
Started into production during June 190,800
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.