1. Prepare a physical flow schedule for July. Jackson ProductsPhysical Flow ScheduleFor the Month of July Units to account for: Units, beginning work is process (70% complete) Units started during July Total units to account for fill in the blank 2bb1ebfa004eff9_5 Units accounted for: Units completed and transferred out: Started and completed From beginning work in process From beginning work in process Units started during July Total units accounted for fill in the blank 2bb1ebfa004eff9_13 Question Content Area 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 ProductsEquivalent Units Schedule Direct Materials Conversion Costs Units started and completed Units started and completed Add: Units in beginning work in process × Percentage to complete: fill in the blank 2f37e6f7e042f85_4 x fill in the blank 2f37e6f7e042f85_5 % fill in the blank 2f37e6f7e042f85_6 fill in the blank 2f37e6f7e042f85_7 x fill in the blank 2f37e6f7e042f85_8 % fill in the blank 2f37e6f7e042f85_9 Add: Units in ending work in process × Percentage complete: fill in the blank 2f37e6f7e042f85_10 x fill in the blank 2f37e6f7e042f85_11 % fill in the blank 2f37e6f7e042f85_12 fill in the blank 2f37e6f7e042f85_13 x fill in the blank 2f37e6f7e042f85_14 % fill in the blank 2f37e6f7e042f85_15 Equivalent units of output Equivalent units of output Question Content Area 3. What if 60 percent of the materials were added at the beginning of the process and 40 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 ced129024ffb02c_1 equivalent units
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.
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 | 90,000 |
| Units in process, July 31, 80% complete* | 15,000 |
| * With respect to conversion costs. |
Required:
Question Content Area
1. Prepare a physical flow schedule for July.
| Units to account for: | ||
|
|
Units, beginning work is process (70% complete) | |
|
|
Units started during July | |
| Total units to account for | fill in the blank 2bb1ebfa004eff9_5 | |
| Units accounted for: | ||
| Units completed and transferred out: | ||
|
|
Started and completed | |
|
|
From beginning work in process | From beginning work in process |
|
|
Units started during July | |
| Total units accounted for | fill in the blank 2bb1ebfa004eff9_13 |
Question Content Area
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 | Units started and completed |
| Add: Units in beginning work in process × Percentage to complete: | ||
|
fill in the blank 2f37e6f7e042f85_4
x
fill in the blank 2f37e6f7e042f85_5
%
|
fill in the blank 2f37e6f7e042f85_6 | |
|
fill in the blank 2f37e6f7e042f85_7
x
fill in the blank 2f37e6f7e042f85_8
%
|
fill in the blank 2f37e6f7e042f85_9 | |
| Add: Units in ending work in process × Percentage complete: | ||
|
fill in the blank 2f37e6f7e042f85_10
x
fill in the blank 2f37e6f7e042f85_11
%
|
fill in the blank 2f37e6f7e042f85_12 | |
|
fill in the blank 2f37e6f7e042f85_13
x
fill in the blank 2f37e6f7e042f85_14
%
|
fill in the blank 2f37e6f7e042f85_15 | |
|
|
Equivalent units of output | Equivalent units of output |
Question Content Area
3. What if 60 percent of the materials were added at the beginning of the process and 40 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 ced129024ffb02c_1 equivalent units
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 6 images
