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Activities For Quantity Schedule Applicable Readings (Chapter 10 and Chapter 11) Topics Covered

The document discusses quantity schedules and production costing. It covers: 1) Format of quantity schedules showing work done (WD) and equivalent units of production (EUP) 2) Application of material, labor, and overhead costs - even or uneven application 3) Valuation methods like FIFO and weighted average 4) Worked problems for single and multiple departments with beginning inventory and different material application methods

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64 views5 pages

Activities For Quantity Schedule Applicable Readings (Chapter 10 and Chapter 11) Topics Covered

The document discusses quantity schedules and production costing. It covers: 1) Format of quantity schedules showing work done (WD) and equivalent units of production (EUP) 2) Application of material, labor, and overhead costs - even or uneven application 3) Valuation methods like FIFO and weighted average 4) Worked problems for single and multiple departments with beginning inventory and different material application methods

Uploaded by

Unnamed homosapien
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Activities for Quantity Schedule

Applicable readings (Chapter 10 and Chapter 11)


Topics covered
Quantity Schedule
Format (WD - Work Done = % of completion; EUP - Equivalent Unit of Production = Quantity X WD)
Preparation

Application of production cost (Material, Labor, and Overhead)


Even application
Uneven Application (If only application of materials is given, it simply means that labor and overhead are evenly

Valuation Method
FIFO
WEIGHTED AVERAGE

Problem 1: (Single producing department w/ no beginning inventory)


Production Report
Quantity Stage of Completion
In Process Beginning
Started 70,000.00
In Process End ? 40%
Tranferred Out 65,000.00

Case 1: Cost are evenly applied


Actual Materials, Labor and OH
Quantity Schedule Quantity WD EUP
Started

Completed
In Process end
Total

Case 2: Materials are added at the beginning.


Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
Started

Completed
In Process end
Total

Case 3: Materials are added at the end


Actual Materials Labor and Overhead
Quantity Schedule
Quantity Schedule Quantity WD EUP WD EUP
Started

Completed
In Process end
Total

Case Materials are added 50% at the beginning, 20% at the middle and 30% at the end of the
4: process
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
Started

Completed
In Process end
Total

Problem 2: (Single producing department w/ beginning inventory)


The production report for a certain company shows below:

Department 1
Quantity % of Compl'n
In Process Beginning 15,000.00 60%
Started 95,000.00
In Process End 5,000.00 45%
Completed and Transferred ? ?

Case 1: Materials are added at the beginning of the process


FIFO
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
In Process Beg
Started/Received
Total

Completed
In Process Beg
Started
In Process End
TOTAL - FIFO

WEIGHTED AVERAGE
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
In Process Beg
Started/Received
Total
Completed
In Process End
TOTAL - AVE

Case 2: Materials are added at the end of the process


FIFO
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
In Process Beg
Started/Received
Total

Completed
In Process Beg
Started
In Process End
TOTAL - FIFO

WEIGHTED AVERAGE
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
In Process Beg
Started/Received
Total

In Process End
TOTAL - AVE
Case 3: The company applies material at the start 50%, and the remaining 50% is added evenly
throughout the process

FIFO
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
In Process Beg
Started/Received
Total

Completed
In Process Beg
Started
In Process End
TOTAL - FIFO

WEIGHTED AVERAGE
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
In Process Beg
Started/Received
Total

Completed
In Process End
TOTAL - AVE
Quantity X WD)

or and overhead are evenly applied)

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