Question

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 84,000
Units in process, July 31, 80% complete* 15,800
* 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

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

1) Physical flow schedule :

Units to account for
Beginning work in process 10100
Units started 89700
Total units to account for 99800
Units accounted for:
Units completed and transferred out:
84000
Ending work in process 15800
Total Unts accounted for 99800

2) Equivalent unit

Material Conversion
Beginning work in process 10100*0% = 0 10100*70% = 7070
Unit started and completed 73900 73900
Ending work in process 15800 15800*80% = 12640
Equivalent unit of production 89700 93610

3) Equivalent unit

Material Conversion
Beginning work in process 10100*70% = 7070 10100*70% = 7070
Unit started and completed 73900 73900
Ending work in process 15800*70% = 11060 15800*80% = 12640
Equivalent unit of production 92030 93610

So equivalent unit for material = 92030 units

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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:...
FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Swasey Fabrication, Inc., manufactures frames for...
FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Swasey Fabrication, Inc., manufactures frames for bicycles. Each frame passes through three processes: Cutting, Welding, and Painting. In September, the Cutting Department of the Tulsa, Oklahoma, plant reported the following data: In Cutting, all direct materials are added at the beginning of the process. Beginning work in process consisted of 41,000 units, 20 percent complete with respect to direct labor and overhead. Costs in beginning inventory included direct materials, $1,215,000;...
FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the...
FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs Units started and completed 28,000 28,000 Units, beginning work in process: 10,000 × 0% — — 10,000 × 40% — 4,000 Units, ending work in process: 6,000 × 100% 6,000 — 6,000 × 75% — 4,500 Equivalent...
onuniform Inputs, Transferred-In Cost Drysdale Dairy produces a variety of dairy products. In Department 12, cream...
onuniform Inputs, Transferred-In Cost Drysdale Dairy produces a variety of dairy products. In Department 12, cream (transferred in from Department 6) and other materials (sugar and flavorings) are mixed at the beginning of the process and churned to make ice cream. The following data are for Department 12 for August: Production: Units in process, August 1, 20% complete* 50,000 Units completed and transferred out 130,000 Units in process, August 31, 50% complete* 40,000 *With respect to conversion costs. 1. Prepare...
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:...
FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that...
FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and...
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the...
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs Units started and completed 27,000 27,000 Units, beginning work in process: 10,000 × 0% — — 10,000 × 40% — 4,000 Units, ending work in process: 6,000 × 100% 6,000 — 6,000 × 75% — 4,500 Equivalent units of output 33,000 35,500 The cost per equivalent unit for the...
data: 1 Pure Springs Bottling Department Cost per Equivalent Unit Transferred- Direct Conversion in Materials Costs...
data: 1 Pure Springs Bottling Department Cost per Equivalent Unit Transferred- Direct Conversion in Materials Costs Beginning work in process, February 1 $3,300 $0 $1,290 Costs added during February 132,000 28,260 55,900 Total costs to account for 135,300 28,260 57,190 data: 2 Pure Springs Bottling Department Flow of Physical Units and Computation of Equivalent Units Flow of Equivalent Units Physical Transferred- Direct Conversion Flow of Production Units in Materials Costs Units to account for: Beginning work in process, February 1...
A department uses the FIFO method of process costing. All direct materials are added at the...
A department uses the FIFO method of process costing. All direct materials are added at the beginning of the process. This department has the following data for this month. 217 units in beginning WIP (73% complete with respect to conversion costs). 11,662 units started 154 units in ending WIP (70% complete with respect to conversion costs). $23 direct material cost per equivalent unit $14 conversion cost per equivalent unit $1,321 beginning WIP direct materials costs $3,324 beginning WIP conversion costs...
Nonuniform Inputs Apeto Company produces premium chocolate candy bars. Conversion costs are added uniformly. For February,...
Nonuniform Inputs Apeto Company produces premium chocolate candy bars. Conversion costs are added uniformly. For February, EWIP is 30 percent complete with respect to conversion costs. Materials are added at the beginning of the process. The following information is provided for February: Physical flow schedule:    Units to account for:         Units in BWIP 0         Units started 70,000    Total units to account for 70,000    Units to account for:          Units completed:              From BWIP 0              Started and completed 45,000 45,000          Units in...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT