Fleming, and Johnson, a local CPA firm, provided the following data for individual returns processed for March
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Question:
Fleming, and Johnson, a local CPA firm, provided the following data for individual returns processed for March (output is measured in a number of returns):
Units, beginning work in the process | — |
Units started | 6,900 |
Units completed | 5,100 |
Units, ending work in process (50% complete) | 1,800 |
Total production costs | $7,500 |
Required:
1. Prepare a physical flow schedule. If an amount is zero, enter "0".
Fleming, Fleming, and Johnson | ||
Physical Flow Schedule | ||
Units to account for: | ||
Total units to account for | ||
Units accounted for: | ||
Units completed: | ||
Total units accounted for |
2. Prepare an equivalent unit schedule.
Fleming, Fleming, and Johnson | |
Equivalent Units Schedule | |
Units in EWIP × Fraction complete: | |
3. Whatif EWIP is 90 percent complete? How would this change affect the physical flow schedule? The equivalent units schedule?
Changing the degree of completion of the physical flow schedule. However, the equivalent units are scheduled. There would now be equivalent units for WIP, the total output for the period.
Related Book For
Cornerstones of Cost Management
ISBN: 978-1285751788
3rd edition
Authors: Don R. Hansen, Maryanne M. Mowen
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