Question
In: Accounting
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, 60% complete* 10,000
Units completed and transferred out 80,000
Units in process, July 31, 80% complete* 15,000
*With respect to conversion costs.
Required: 1. Prepare a physical flow schedule for July.
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".
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?
Solutions
Expert Solution
Answer-
Solution 1:
| Reconciliation of Physical units | |||
| Particulars | Physical Units | Particulars | Physical Units |
| Beginning units | 10000 | Unit Completed | 80000 |
| Unit started | 85000 | Ending Units | 15000 |
| Total Units | 95000 | Total Units | 95000 |
Solution 2:
| Jackson Products | |||
| Cooking Department | |||
| Computation of Equivalent unit (FIFO) | |||
| Particulars | Physical units | Material | Conversion |
| Units to be accounted for: | |||
| Beginning WIP Inventory | 10000 | ||
| Units started this period | 85000 | ||
| Total unit to be accounted for | 95000 | ||
| Units Accounted for: | |||
| Units completed and transferred out | |||
| From beginning inventory Material - 0% Conversion - 40% |
10000 | 0 | 4000 |
| Started and completed currently | 70000 | 70000 | 70000 |
| Transferred to finished goods | 80000 | 70000 | 74000 |
| Units in ending WIP Material - 100% Conversion - 80% |
15000 | 15000 | 12000 |
| Total units accounted for | 95000 | 85000 | 86000 |
Solution 3:
| Jackson Products | |||
| Cooking Department | |||
| Computation of Equivalent unit (FIFO) | |||
| Particulars | Physical units | Material | Conversion |
| Units to be accounted for: | |||
| Beginning WIP Inventory | 10000 | ||
| Units started this period | 85000 | ||
| Total unit to be accounted for | 95000 | ||
| Units Accounted for: | |||
| Units completed and transferred out | |||
| From beginning inventory Material - 40% Conversion - 40% |
10000 | 4000 | 4000 |
| Started and completed currently | 70000 | 70000 | 70000 |
| Transferred to finished goods | 80000 | 74000 | 74000 |
| Units in ending WIP Material - 60% Conversion - 80% |
15000 | 9000 | 12000 |
| Total units accounted for | 95000 | 83000 | 86000 |
ekkarill92 answered 2 years agoRelated Solutions
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, 60% complete*
11,000
Units completed and transferred out
81,000
Units in process, July 31, 90% complete*
15,700
* With respect to conversion costs.
Required:
1. Prepare a physical...
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, 60% complete*
10,000
Units completed and transferred out
82,000
Units in process, July 31, 90% complete*
15,900
* With respect to conversion costs.
Required:
1. Prepare a physical...
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...
Unit Information with BWIP, Weighted Average Method Jackson Products produces a barbeque sauce using three departments:...
Unit Information with BWIP, Weighted Average 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, 60%
complete*
10,300
Units completed and transferred
out
87,000
Units in process, July 31, 90%
complete*
15,200
* With respect to conversion costs.
Required:
1. Prepare a...
Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking...
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*
10,000
Units completed and transferred out
81,000
Units in process, July 31, 80% complete*
15,000
* With respect to conversion costs.
1. Prepare a physical flow schedule for July.
2. Prepare an...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments—Grinding, Mixing, and Cooking....
Weston Products manufactures an industrial cleaning compound
that goes through three processing departments—Grinding, Mixing,
and Cooking. All raw materials are introduced at the start of work
in the Grinding Department. The Work in Process T-account for the
Grinding Department for May is given below:
Work in Process—Grinding Department
Inventory, May 1
451,950
Completed and transferred
to the Mixing Department
?
Materials
570,560
Conversion
296,232
Inventory, May 31
?
The May 1 work in process inventory consisted of 131,000 pounds
with...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments—Grinding, Mixing, and Cooking....
Weston Products manufactures an industrial cleaning compound
that goes through three processing departments—Grinding, Mixing,
and Cooking. All raw materials are introduced at the start of work
in the Grinding Department. The Work in Process T-account for the
Grinding Department for May is given below:
Work in
Process—Grinding Department
Inventory, May
1
281,600
Completed and transferred to
the Mixing Department
?
Materials
680,600
Conversion
503,280
Inventory, May
31
?
The May 1 work in process inventory consisted of 80,000 pounds
with...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments—Grinding, Mixing, and Cooking....
Weston Products manufactures an industrial cleaning compound
that goes through three processing departments—Grinding, Mixing,
and Cooking. All raw materials are introduced at the start of work
in the Grinding Department. The Work in Process T-account for the
Grinding Department for May is given below:
Work in Process—Grinding Department
Inventory, May 1
21,800
Completed and transferred
to the Mixing Department
?
Materials
133,400
Conversion
225,500
Inventory, May 31
?
The May 1 work in process inventory consisted of 18,000 pounds
with...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments—Grinding, Mixing, and Cooking....
Weston Products manufactures an industrial cleaning compound
that goes through three processing departments—Grinding, Mixing,
and Cooking. All raw materials are introduced at the start of work
in the Grinding Department. The Work in Process T-account for the
Grinding Department for May is given below:
Work in Process—Grinding Department
Inventory, May 1
21,800
Completed and transferred
to the Mixing Department
?
Materials
133,400
Conversion
225,500
Inventory, May 31
?
The May 1 work in process inventory consisted of 18,000 pounds
with...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments—Grinding, Mixing, and Cooking....
Weston Products
manufactures an industrial cleaning compound that goes through
three processing departments—Grinding, Mixing, and Cooking. All raw
materials are introduced at the start of work in the Grinding
Department. The Work in Process T-account for the Grinding
Department for May is given below:
Work in
Process—Grinding Department
Inventory, May 1
184,800
Completed and
transferred to
the Mixing Department
?
Materials
486,300
Conversion
157,092
Inventory, May 31
?
The May 1 work in
process inventory consisted of 120,000 pounds with...
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