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 82,000
Units in process, July 31, 90% complete* 15,900
* 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:
Total units to account for
Units accounted for:
Units completed and transferred out:
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
Add: Units in beginning work in process × Percentage to complete:

x

%

x

%

Add: Units in ending work in process × Percentage complete:

x

%

x

%

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

1) Physical flow schedule

Jackson produts
Physical flow schedule
For the month of july
Units to accounts for
beginning work in progress 10,000
units started in july 97,900
total units account for 107,900
units account for
units completed and transferred out :
started and completed 82,000
from beginning work in progress 10,000 92,000
ending work in progress 15,900
total units acount for 107,900

notes : units started in july = 82,000 + 15,900 = 97,900

(2) Jackson products

Equivalent units schedule

Direct material conversion cost
Units completed & transferred out 82000 82000
Add : units in the beginning work in progress * % to complete
10,000 * 0 0
10,000 * 40% 4,000
Add : units in ending work in progress * % complete
15,900 * 100 15,900
15,900 * 90 % 14,310
Total equivalent units 97,900 100,310

(3) Jacksons Products

Equivalent units schedule

Direct material conversion cost
Units completed & transferred out 82000 82000
Add : units in the beginning work in progress * % to complete
10,000 * 30% 3,000
10,000 * 40% 4,000
Add : units in ending work in progress * % complete
15,900 * 70% 11,130
15,900 * 90 % 14,310
Total equivalent units 96,130

100,310


Related 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, 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...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT