Unit Information with BWIP, Weighted Average 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" Units completed and transferred out Units in process, July 31, 80% complete" 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: Total units to account for Units accounted for: Units completed and transferred out: 10,000 80,000 15,000
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.
Please help me with all answers thanku
![1. Prepare a physical flow schedule for July.
Jackson Products
Physical Flow Schedule
For 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 weighted average method. Enter percentages as whole numbers.
Jackson Products
Equivalent
Total units accounted for
88.
Units completed
Add: Units in ending work in process x Percentage complete:
Schedule
Direct Materials
0001
2. Prepare an equivalent units schedule for July using the weighted average method. Enter percentages as whole numbers.
Jackson Products
Equivalent Units Schedule
Units completed
Add: Units in ending work in process x Percentage complete:
8:8:
Equivalent units of output
Conversion Costs
Direct Materials Conversion Costs
Direct Materials Conversion Costs
D
3. What if you were asked to calculate the FIFO units beginning with the weighted average equivalent units? Calculate the weighted average equivalent
units by subtracting out the prior-period output found in BWIP
FIFO Equivalent Units
001](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fddad5d86-091d-4493-90be-ef5753132bfd%2Fb2580e7e-0f41-46e7-9e2f-ad573e537408%2F24ck0a_processed.jpeg&w=3840&q=75)
![eBook
Print Item
Unit Information with BWIP, Weighted Average 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"
Units completed and transferred out
Units in process, July 31, 80% complete"
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:
Total units to account for
Units accounted for:
Units completed and transferred out:
10,000
80,000
15,000
00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fddad5d86-091d-4493-90be-ef5753132bfd%2Fb2580e7e-0f41-46e7-9e2f-ad573e537408%2Fvw9hruu_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 6 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)