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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 7 months ago
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