its in process, July 1, 70% complete 10,800 its completed and transferred out 88,000 Its in process, July 31, 80% complete* 15,000 With respect to conversion costs. quired: Prepare a physical flow schedule for July. Inits to account for: Jackson Products Physical Flow Schedule For the Month of July Units, beginning work is process (70% complete) Units started during July Total units to account for Inits accounted for: Units completed and transferred out: Started and completed From beginning work in process Units in ending work in process (80% complete) Total units accounted for Feedback 10,800 92.200 103,000 77.200 10,800 88,000 15.000 103,000 Check My Work 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. 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 77.200✔ 77.200✔ nits started and completed dd: Units in beginning work in process x Percentage to complete: 10,800 x 10,800 x 30 % dd: Units in ending work in process x Percentage complete: 15,000 x 100 % 15,000 x 80% quivalent units of output Feedback Check My Work 3,240 15,000 12,000 92,200 92,440 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 period's output. 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
its in process, July 1, 70% complete 10,800 its completed and transferred out 88,000 Its in process, July 31, 80% complete* 15,000 With respect to conversion costs. quired: Prepare a physical flow schedule for July. Inits to account for: Jackson Products Physical Flow Schedule For the Month of July Units, beginning work is process (70% complete) Units started during July Total units to account for Inits accounted for: Units completed and transferred out: Started and completed From beginning work in process Units in ending work in process (80% complete) Total units accounted for Feedback 10,800 92.200 103,000 77.200 10,800 88,000 15.000 103,000 Check My Work 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. 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 77.200✔ 77.200✔ nits started and completed dd: Units in beginning work in process x Percentage to complete: 10,800 x 10,800 x 30 % dd: Units in ending work in process x Percentage complete: 15,000 x 100 % 15,000 x 80% quivalent units of output Feedback Check My Work 3,240 15,000 12,000 92,200 92,440 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 period's output. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Topic Video
Question
None
Transcribed Image Text:Production:
Units in process, July 1, 70% complete*
Units completed and transferred out
10,800
88,000
Units in process, July 31, 80% complete*
15,000
*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)
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 (80% complete)
Total units accounted for
Feedback
Check My Work
10,800
92.200
103,000
77,200
10,800✓
88,000
15,000
103,000
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".
Jackson Products
Equivalent Units Schedule
Direct Materials Conversion Costs
77,200 V
77.200✔
Units started and completed
Add: Units in beginning work in process x Percentage to complete:
10,800 x
10,800 x
30 %
Add: Units in ending work in process x Percentage complete:
15,000 x
100 %
15,000 x
80 %
Equivalent units of output
Feedback
3,240
15,000
12,000
92,200
92,440
▼ Check My Work
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 period's 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?
equivalent units
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education