Question
In: Accounting
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 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
Partially correct
2. Prepare an equivalent units schedule for July using the weighted average method. Enter percentages as whole numbers.
| Direct Materials | Conversion Costs | |
| Units completed | ||
| Add: Units in ending work in process × Percentage complete: | ||
|
x % |
||
|
x % |
||
| Equivalent units of output |
Feedback
There is no requirement to calculate the work needed to complete the units in BWIP. All BWIP units are treated the same way as the units that were started and completed.
3. What if you were asked to calculate the FIFO units beginning with the weighted average equivalent units? Calculate the weighted average equivalent units by subtracting out the prior-period output found in BWIP.
| FIFO Equivalent Units | |
| Direct Materials | |
| Conversion Costs |
Solutions
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* 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*
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...
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...
Exercise 4-3 Cost Per Equivalent Unit-Weighted-Average Method [LO4-3] Superior Micro Products uses the weighted-average method in...
Exercise 4-3 Cost Per
Equivalent Unit-Weighted-Average Method [LO4-3]
Superior Micro
Products uses the weighted-average method in its process costing
system. Data for the Assembly Department for May appear below:
Materials
Labor
Overhead
Work
in process, May 1
$
40,600
$
68,409
$
331,872
Cost
added during May
$
246,530
$
45,606
$
221,248
Equivalent units of production
3,400
3,300
3,200
Required:
1.
Compute the cost per
equivalent unit for materials, for labor, and for overhead.
(Round your answers to 2...
25. Assigning Costs to Products: Weighted Average Method. Sydney, Inc., uses the weighted average method for...
25. Assigning Costs to Products: Weighted Average Method.
Sydney, Inc., uses the weighted average method for its
process costing system. The Assembly department at Sydney, Inc.,
began April with 6,000 units in work-in-process
inventory, all of which were completed and transferred out
during April. An additional 8,000 units were started during
the month, 3,000 of which were completed and transferred out
during April. A total of 5,000 units remained in workin-
process inventory at the end of April and were...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple
Departments
Fordman Company has a product that passes through two processes:
Grinding and Polishing. During December, the Grinding Department
transferred 20,000 units to the Polishing Department. The cost of
the units transferred into the second department was $40,000.
Direct materials are added uniformly in the second process. Units
are measured the same way in both departments.
The second department (Polishing) had the following physical
flow schedule for December:
Units to account for:...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple
Departments
Fordman Company has a product that passes through two processes:
Grinding and Polishing. During December, the Grinding Department
transferred 20,000 units to the Polishing Department. The cost of
the units transferred into the second department was $40,000.
Direct materials are added uniformly in the second process. Units
are measured the same way in both departments.
The second department (Polishing) had the following physical
flow schedule for December:
Units to account for:...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple
Departments
Fordman Company has a product that passes through two processes:
Grinding and Polishing. During December, the Grinding Department
transferred 20,000 units to the Polishing Department. The cost of
the units transferred into the second department was $40,000.
Direct materials are added uniformly in the second process. Units
are measured the same way in both departments.
The second department (Polishing) had the following physical
flow schedule for December:
Units to account for:...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Which subnet (network address) does host 25.17.102.51 255.255.248.0 belong to?
- Joe Dokes retired today with $1,000,000 in his retirement nest egg. If he followed a cash...
- how is biopsychosocial compatiable model in the future.
- Give at least 5 nursing interventions (with rationale) of nursing diagnosis: Health-seeking behaviors related to patient’s...
- The Wall Street Wizard Co. sold a stock market investing plan through the mail that made...
- Rotating bits in C This rotates bits to the left which means the bits that were...
- Implement a method that meets the following requirements: (a) Takes as parameter 1) an int array...
ADVERTISEMENT