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

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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.

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

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