Step 1

1. WIP - July 1 is 40,000
2. Pounds of potatoes added is 80,000
3. Pounds transferred out to Cooking is 87,000
4. What is Work in Process at July 31? Enter the answer into the sheet
5. Answer the question(s) in the yellow box.

Step 2

1. Enter 80% into the yellow box. This is the percentage complete of Work in Process.
2. Answer the question(s) in the yellow box.

Step 3

1. I will give you the costs to assign to products. Nothing to calculate here.
2. Answer the question(s) in the yellow box.

Step 4

1. Enter the Total Equivalent Units in the yellow from Step2.
2. Answer the question(s) in the yellow box.

Step 5

1. Enter the Cost per Equivalent Unit from Step 4
2. Enter the Work in Process - Equivalent Units, July 31 for Conversion Costs from Step 2
3. Answer the question(s) in the yellow box.

Step 6

1. Fill in your final Cost per Equivalent Unit as of July 31.
2. Answer the question(s) in the yellow box.

Transcribed Image Text:

Step 1 - Document the Physical Flow of Resources Work In Process, July 1 plus pounds of potatoes added Total pounds to account for Pounds transferred to Cooking Dept. Work In Process, July 31 Total pounds accounted for What is the purpose of this step? Pounds of Potatoes FILL IN THE YELLOW ON EACH TAB Step 1 - Document the Physical Flow of Resources Work In Process, July 1 plus pounds of potatoes added Total pounds to account for Pounds transferred to Cooking Dept. Work In Process, July 31 Total pounds accounted for What is the purpose of this step? Pounds of Potatoes FILL IN THE YELLOW ON EACH TAB