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* | 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 flow schedule for July.
| Jackson Products | ||
| Physical Flow Schedule | ||
| For the Month of July | ||
| Units to account for: | ||
| Units, beginning work is process (60% complete) | ||
| Units started during July | ||
| Total units to account for | ||
| Units accounted for: | ||
| Units completed and transferred out: | ||
| Started and completed | ||
| From beginning work in process | ||
| Units in ending work in process (90% complete) | ||
| Total units accounted for | ||
Feedback
The physical flow schedule traces the units in process regardless of their stage of completion and provides the information needed for preparing the equivalent units schedule. FIFO uses only current output to calculate the current-period unit cost.
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".
| Direct Materials | Conversion Costs | |
| 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 |
Feedback
FIFO treats the work (equivalent output) in BWIP as belonging to the prior period and only counts the work (equivalent output for each input) done this period as part of this period’s output.
3. What if 70 percent
of the materials were added at the beginning of the process and 30
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
| a) Input/Output reconciliation | |||
| Units be accounted for | Physical units | ||
| Units in beginning WIP Inventory | 11,000 | ||
| Units started/transferred in during the period | 85,700 | ||
| Total units be accounted for | 96,700 | ||
| Transferred out from Beginning Inventory | 11,000 | ||
| Units started and completed during the period | 70,000 | ||
| Units in ending WIP Inventory | 15,700 | ||
| Total units accounted for | 96,700 | ||
| c) Equivalent units of Production- FIFO | |||
| Material | Conversion cost | ||
| Units in beginning WIP (A) | 11000 | 11000 | |
| % of completion of beginning WIP in previous period (B) | 100% | 100% | |
| % of beginning WIP completed this period [C=100%-B] | 0% | 40% | |
| Equivalent units in beginning WIP [D=A×C] | - | 4,400 | |
| Units both started and completed in current period (E) | 70,000 | 70,000 | |
| Units of ending WIP (F) | 15,700 | 15,700 | |
| Percentage of completion of ending WIP (G) | 100% | 90% | |
| Equivalent units in ending WIP (H=F×G) | 15,700 | 14,130 | |
| Total equivalent units (D+E+H) | 85,700 | 88,530 | |
ekkarill92 answered 1 year 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* 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...
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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