its in process, July 1, 70% complete 10,800 its completed and transferred out 88,000 Its in process, July 31, 80% complete* 15,000 With respect to conversion costs. quired: Prepare a physical flow schedule for July. Inits to account for: Jackson Products Physical Flow Schedule For the Month of July Units, beginning work is process (70% complete) Units started during July Total units to account for Inits accounted for: Units completed and transferred out: Started and completed From beginning work in process Units in ending work in process (80% complete) Total units accounted for Feedback 10,800 92.200 103,000 77.200 10,800 88,000 15.000 103,000 Check My Work The physical flow schedule traces the units in process regardless of their stage of completion and provides the information needed for preparing the equivalent units schedule. FIFO uses only current output to calculate the current-period unit cost. 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 Products Equivalent Units Schedule Direct Materials Conversion Costs 77.200✔ 77.200✔ nits started and completed dd: Units in beginning work in process x Percentage to complete: 10,800 x 10,800 x 30 % dd: Units in ending work in process x Percentage complete: 15,000 x 100 % 15,000 x 80% quivalent units of output Feedback Check My Work 3,240 15,000 12,000 92,200 92,440 FIFO treats the work (equivalent output) in BWIP as belonging to the prior period and only counts the work (equivalent output for each input) done this period as part of this period's output. What if 70 percent of the materials were added at the beginning of the process and 30 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? equivalent units

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Production:
Units in process, July 1, 70% complete*
Units completed and transferred out
10,800
88,000
Units in process, July 31, 80% complete*
15,000
*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:
Units, beginning work is process (70% complete)
Units started during July
Total units to account for
Units accounted for:
Units completed and transferred out:
Started and completed
From beginning work in process
Units in ending work in process (80% complete)
Total units accounted for
Feedback
Check My Work
10,800
92.200
103,000
77,200
10,800✓
88,000
15,000
103,000
The physical flow schedule traces the units in process regardless of their stage of completion and provides the information needed for preparing the equivalent units schedule. FIFO uses only current output to calculate the current-period unit cost.
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 Products
Equivalent Units Schedule
Direct Materials Conversion Costs
77,200 V
77.200✔
Units started and completed
Add: Units in beginning work in process x Percentage to complete:
10,800 x
10,800 x
30 %
Add: Units in ending work in process x Percentage complete:
15,000 x
100 %
15,000 x
80 %
Equivalent units of output
Feedback
3,240
15,000
12,000
92,200
92,440
▼ Check My Work
FIFO treats the work (equivalent output) in BWIP as belonging to the prior period and only counts the work (equivalent output for each input) done this period as part of this period's output.
3. What if 70 percent of the materials were added at the beginning of the process and 30 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?
equivalent units
Transcribed Image Text:Production: Units in process, July 1, 70% complete* Units completed and transferred out 10,800 88,000 Units in process, July 31, 80% complete* 15,000 *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: Units, beginning work is process (70% complete) Units started during July Total units to account for Units accounted for: Units completed and transferred out: Started and completed From beginning work in process Units in ending work in process (80% complete) Total units accounted for Feedback Check My Work 10,800 92.200 103,000 77,200 10,800✓ 88,000 15,000 103,000 The physical flow schedule traces the units in process regardless of their stage of completion and provides the information needed for preparing the equivalent units schedule. FIFO uses only current output to calculate the current-period unit cost. 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 Products Equivalent Units Schedule Direct Materials Conversion Costs 77,200 V 77.200✔ Units started and completed Add: Units in beginning work in process x Percentage to complete: 10,800 x 10,800 x 30 % Add: Units in ending work in process x Percentage complete: 15,000 x 100 % 15,000 x 80 % Equivalent units of output Feedback 3,240 15,000 12,000 92,200 92,440 ▼ Check My Work FIFO treats the work (equivalent output) in BWIP as belonging to the prior period and only counts the work (equivalent output for each input) done this period as part of this period's output. 3. What if 70 percent of the materials were added at the beginning of the process and 30 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? equivalent units
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