Unit Information with BWIP, FIFO Method Jackson Products produces a barbeque sauce using three departments: Cooking,...

Unit Information with BWIP, FIFO Method

Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is measured in ounces. The production data for July are as follows:

Production:
Units in process, July 1, 70% complete*	10,100
Units completed and transferred out	81,000
Units in process, July 31, 90% complete*	15,600

* With respect to conversion costs.

Required:

1. Prepare a physical flow schedule for July.

Jackson Products
Physical Flow Schedule
For the Month of July

Units to account for:
Started and completed Units, beginning work is process (70% complete) Units in ending work in process (90% complete)
Started and completed Units in ending work in process (90% complete) Units started during July
Total units to account for
Units accounted for:
Units completed and transferred out:
From beginning work is process Started and completed Units started during July
From beginning work in process Units started during July
Units in ending work in process (90% complete) Units started during July
Total units accounted for

2. Prepare an equivalent units schedule for July using the FIFO method. Enter percentages as whole numbers. If an amount box does not require an entry, enter "0".

Jackson Products
Equivalent Units Schedule
	Direct Materials	Conversion Costs
Equivalent units of output Units started and completed
Add: Units in beginning work in process × Percentage to complete:
x %
x %
Add: Units in ending work in process × Percentage complete:
x %
x %
Equivalent units of output Units started and completed

3. What if 60 percent of the materials were added at the beginning of the process and 40 percent were added at the end of the process (all ingredients used are treated as the same type or category of materials)? How many equivalent units of materials would there be?
equivalent units

Solutions

Expert Solution

1)

Jackson Products
Cooking Department
Physical flow schedule
Particulars	Physical units
Units to be accounted for:
Beginning WIP Inventory	10100
Units started this period	86500
Total unit to be accounted for	96600
Units Accounted for:
Units completed and transferred out	81000
Units in Ending WIP	15600
Total units accounted for	96600

Solution 2:

Jackson Products
Cooking Department
Computation of Equivalent unit (FIFO)
Particulars	Physical units	Material	Conversion
Units to be accounted for:
Beginning WIP Inventory	10100
Units started this period	86500
Total unit to be accounted for	96600
Units Accounted for:
Units completed and transferred out
From beginning inventory	10100	0	4040
Material - 0%
Conversion - 40%
Started and completed currently	70900	70900	70900
Units in ending WIP	15600	15600	14040
Material - 100%
Conversion - 90%
Total units accounted for	96600	86500	88980

Solution 3:

Jackson Products
Cooking Department
Computation of Equivalent unit (FIFO)
Particulars	Physical units	Material	Conversion
Units to be accounted for:
Beginning WIP Inventory	10100
Units started this period	86500
Total unit to be accounted for	96600
Units Accounted for:
Units completed and transferred out
From beginning inventory	10100	4040	4040
Material - 40%
Conversion - 40%
Started and completed currently	70900	70900	70900
Units in ending WIP	15600	10920	12480
Material - 70%
Conversion - 90%
Total units accounted for	96600	85860	87420

1)

Jackson Products
Cooking Department
Physical flow schedule
Particulars	Physical units
Units to be accounted for:
Beginning WIP Inventory	10100
Units started this period	=81000+15600-10100
Total unit to be accounted for	=B8+B9
Units Accounted for:
Units completed and transferred out	81000
Units in Ending WIP	15600
Total units accounted for	=B12+B13

Solution 2:

Jackson Products
Cooking Department
Computation of Equivalent unit (FIFO)
Particulars	Physical units	Material	Conversion
Units to be accounted for:
Beginning WIP Inventory	10100
Units started this period	=B9
Total unit to be accounted for	=B23+B24
Units Accounted for:
Units completed and transferred out
From beginning inventory	10100	0	=B28*40%
Material - 0%
Conversion - 40%
Started and completed currently	=81000-10100	=B31	=C31
Units in ending WIP	15600	15600	=15600*90%
Material - 100%
Conversion - 90%
Total units accounted for	=B28+B31+B32	=C28+C31+C32	=D28+D31+D32

Solution 3:

Jackson Products
Cooking Department
Computation of Equivalent unit (FIFO)
Particulars	Physical units	Material	Conversion
Units to be accounted for:
Beginning WIP Inventory	10100
Units started this period	=B24
Total unit to be accounted for	=B44+B45
Units Accounted for:
Units completed and transferred out
From beginning inventory	10100	=B49*40%	=10100*40%
Material - 40%
Conversion - 40%
Started and completed currently	=81000-10100	=B52	=C52
Units in ending WIP	15600	=B53*70%	=B53*80%
Material - 70%
Conversion - 90%
Total units accounted for	=B49+B52+B53	=C49+C52+C53	=D49+D52+D53

ekkarill92 answered 3 months ago

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