eBookUnit Information with BWIP, FIFO MethodJackson 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, 60% complete*10,200Units completed and transferred out88,000Units in process, July 31, 90% complete*15,900 * With respect to conversion costs.Required: 2. Prepare an equivalent units schedule for July using the FIFO method. Enter percentages as whole numbers. If an amount box does not require anentry, enter "0".Jackson ProductsEquivalent Units ScheduleDirect Materials Conversion CostsUnits started and completedAdd: Units in beginning work in process x Percentage to complete:%X%Add: Units in ending work in process x Percentage complete:X%%Equivalent units of outputFeedback3. What if 70of the materials were added at theginning of the process and 30were added at the end of the(allingredients used are treated as the same type or category of materials)? How many equivalent units of materials would there be?equivalent units 1. Prepare a physical flow schedule for July.Jackson ProductsPhysical Flow ScheduleFor the Month of JulyUnits to account for:Units, beginning work is process (60% complete)10,200Units started during JulyTotal units to account forUnits accounted for:Units completed and transferred out:Started and completedFrom beginning work in processUnits in ending work in process (90% complete)Total units accounted for

Equivalent units are the units that are in production which is multiplied by the completed…

eBook 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, 60% complete* 10,200 Units completed and transferred out 88,000 Units in process, July 31, 90% complete* 15,900 * With respect to conversion costs.

eBook 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, 60% complete* 10,200 Units completed and transferred out 88,000 Units in process, July 31, 90% complete* 15,900 * With respect to conversion costs.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

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, 60% complete* 10,100 Units completed and transferred out 80,000 Units in process, July 31, 80% complete* 15,100 * 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: Total units to account for Units accounted for: Units completed and transferred out: Total units accounted for 2. Prepare an equivalent units schedule for July using the FIFO method. Enter percentages as whole numbers. If an amount box…
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Production:
Units in process, July 1, 60% complete*	10,200
Units completed and transferred out	88,000
Units in process, July 31, 90% complete*	15,900

* With respect to conversion costs.