4 2 A 1 Saving your work for grading D 1. Press the yellow button above to save your work. 2. A link to your spreadsheet will be placed in the clipboard. 3. Click the Moodle tab and follow the instructions to paste your link for grading. 5 4. If you make changes to your spreadsheet, click the yellow button to save. 6 S. There is NO need to paste another link to your spreadsheet. 9 B 7 SAVE YOUR WORK PERIODICALLY Jackson Ltd. uses an automated process in its manufacturing operations. 10 On September 1, the company had 15,000 units in beginning WIP which were 40% complete. 11 During the month of September, it started 100,000 into production. 12 On September 30, there were 20,000 units in process, which were 30% complete. 13 14 Direct materials are added at the beginning of the process, and no units are spoiled in production. 5 The beginning inventory had direct materials costs of $135,900 and conversion costs of $38,500. 6 During September, the company issues $620,000 of direct materials and incurred $199,500 of conversion costs. Required 1 Prenare a production cost worksheet using the FIFO method: FIFO New 12 On September 30, there were 20,000 units in process, which were 30% complete, 13 14 Direct materials are added at the beginning of the process, and no units are spoiled in production 15 The beginning inventory had direct materials costs of $135,900 and conversion costs of $38,500 16 During September, the company issues $620,000 of direct materials and incurred $199,500 of conversion s 27 18 Required 19 1. Prepare a production cost worksheet using the FIFO method: 20 a) Calcualte the physical units to account for. (1 mark) 21 b) Compute equivalent units for DM and CC. (4 marks) 22 c) Summarize total costs to account for. (2 marks) 23 24 d) Compute cost per equivalent unit. (1 marks) e) Assign total costs to units completed and WIP, ending. (2 marks) 25 2. Prepare the journal entries affecting WIP. (5 marks) 222 28 29 30 NEPK FIFO 629