Physical Flow and Equivalent Units with EWIP Fleming, Fleming, and Garcia, a local CPA firm, provided the following data for individual returns processed for March (output is measured in number of returns): Units, beginning work in process — Units started 6,600 Units completed 5,200 Units, ending work in process (50% complete) 1,400 Total production costs $5,500 Required: Question Content Area 1. Prepare a physical flow schedule. If an amount is zero, enter "0". blankFleming, Fleming, and GarciaPhysical Flow Schedule Units to account for: Units in BWIP Units in EWIP Total units to account for fill in the blank dc4c85fd3fc407a_5 Units accounted for: Units completed: From BWIP Units in BWIP Units in BWIP Units in BWIP Total units accounted for fill in the blank dc4c85fd3fc407a_13 Feedback Area Feedback 1. A physical flow schedule shows the units to account for and what happened to them. Question Content Area 2. Prepare an equivalent units schedule. blankFleming, Fleming, and GarciaEquivalent Units Schedule Equivalent units Units in EWIP × Fraction complete: fill in the blank 8d7094fadffa045_3 Equivalent units 2. The equivalent units schedule measures the output of the period. A fully completed unit is counted as a unit of output. Output for a unit in ending work in process is counted by its degree of completion. Question Content Area 3. What if EWIP is 90 percent complete? How would this change affect the physical flow schedule? The equivalent units schedule? Changing the degree of completion the physical flow schedule. However, the equivalent units schedule . There would now be fill in the blank 391c0dff2fe606c_3 equivalent units for EWIP, the total output for the period to fill in the blank 391c0dff2fe606c_5.
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.
Physical Flow and Equivalent Units with EWIP
Fleming, Fleming, and Garcia, a local CPA firm, provided the following data for individual returns processed for March (output is measured in number of returns):
| Units, beginning work in process | — |
| Units started | 6,600 |
| Units completed | 5,200 |
| Units, ending work in process (50% complete) | 1,400 |
| Total production costs | $5,500 |
Required:
Question Content Area
1. Prepare a physical flow schedule. If an amount is zero, enter "0".
| Units to account for: | ||
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|
Units in BWIP | |
|
|
Units in EWIP | |
| Total units to account for | fill in the blank dc4c85fd3fc407a_5 | |
| Units accounted for: | ||
| Units completed: | ||
|
|
From BWIP | |
|
|
Units in BWIP | Units in BWIP |
|
|
Units in BWIP | |
| Total units accounted for | fill in the blank dc4c85fd3fc407a_13 |
Feedback Area
1. A physical flow schedule shows the units to account for and what happened to them.
Question Content Area
2. Prepare an equivalent units schedule.
|
|
Equivalent units |
| Units in EWIP × Fraction complete: | fill in the blank 8d7094fadffa045_3 |
|
|
Equivalent units |
2. The equivalent units schedule measures the output of the period. A fully completed unit is counted as a unit of output. Output for a unit in ending work in process is counted by its degree of completion.
Question Content Area
3. What if EWIP is 90 percent complete? How would this change affect the physical flow schedule? The equivalent units schedule?
Changing the degree of completion
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