Question
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
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* | 10,800 |
Units completed and transferred out | 85,000 |
Units in process, July 31, 80% complete* | 15,300 |
* 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 (70% complete) | fill in the blank 8eb9f400507304a_2 | |
Units started during July | fill in the blank 8eb9f400507304a_4 | |
Total units to account for | fill in the blank 8eb9f400507304a_5 | |
Units accounted for: | ||
Units completed and transferred out: | ||
Started and completed | fill in the blank 8eb9f400507304a_7 | |
From beginning work in process | fill in the blank 8eb9f400507304a_9 | fill in the blank 8eb9f400507304a_10 |
Units in ending work in process (80% complete) | fill in the blank 8eb9f400507304a_12 | |
Total units accounted for | fill in the blank 8eb9f400507304a_13 |
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 | fill in the blank ff8fd7067f7ff9d_2 | fill in the blank ff8fd7067f7ff9d_3 |
Add: Units in beginning work in process Percentage to complete: | ||
fill in the blank ff8fd7067f7ff9d_4 x fill in the blank ff8fd7067f7ff9d_5 % | fill in the blank ff8fd7067f7ff9d_6 | |
fill in the blank ff8fd7067f7ff9d_7 x fill in the blank ff8fd7067f7ff9d_8 % | fill in the blank ff8fd7067f7ff9d_9 | |
Add: Units in ending work in process Percentage complete: | ||
fill in the blank ff8fd7067f7ff9d_10 x fill in the blank ff8fd7067f7ff9d_11 % | fill in the blank ff8fd7067f7ff9d_12 | |
fill in the blank ff8fd7067f7ff9d_13 x fill in the blank ff8fd7067f7ff9d_14 % | fill in the blank ff8fd7067f7ff9d_15 | |
Equivalent units of output | fill in the blank ff8fd7067f7ff9d_17 | fill in the blank ff8fd7067f7ff9d_18 |
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 periods 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? fill in the blank 723a1a051002f84_1 equivalent units
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started