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 applied)

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 70,000.00

Completed 65,000.00 100% 65,000.00

In Process end 5,000.00 40% 2,000.00
Total 67,000.00

Case 2: Materials are added at the beginning.

Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
Started 70,000.00

Completed 65,000.00 100% 65,000.00 100% 65,000.00

In Process end 5,000.00 100% 5,000.00 40% 2,000.00
Total 70,000.00 70,000.00 67,000.00

Case 3: Materials are added at the end

Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
Started 70,000.00

Completed 65,000.00 100% 65,000.00 100% 65,000.00

In Process end 5,000.00 0% - 40% 2,000.00
Total 70,000.00 67,000.00

Case
4: Materials are added 50% at the beginning, 20% at the middle and 30% at the end of the process
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
Started 70,000.00

Completed 65,000.00 100% 65,000.00 100% 65,000.00

In Process end 5,000.00 70% 3,500.00 40% 2,000.00
Total 70,000.00 68,500.00 67,000.00

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 15,000.00 100.0% 15,000.00 60.00% 9,000.00
Started/Received 95,000.00
Total 110,000.00

Completed
In Process Beg 15,000.00 0.00% - 40.00% 6,000.00
Started 90,000.00 100.00% 90,000.00 100.00% 90,000.00
In Process End 5,000.00 100.000% 5,000.00 45.00% 2,250.00
TOTAL - FIFO 110,000.00 95,000.00 98,250.00

WEIGHTED AVERAGE
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
In Process Beg 15,000.00
Started/Received 95,000.00
Total 110,000.00

Completed 105,000.00 100% 105,000.00 100% 105,000.00

In Process End 5,000.00 100.000% 5,000.00 45.00% 2,250.00
TOTAL - AVE 110,000.00 110,000.00 107,250.00

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 15,000.00 0.0% - 60.00% 9,000.00
Started/Received 95,000.00
Total 110,000.00

Completed
In Process Beg 15,000.00 100.00% 15,000.00 40.00% 6,000.00
Started 90,000.00 100.00% 90,000.00 100.00% 90,000.00
In Process End 5,000.00 0.000% 45.00% 2,250.00
TOTAL - FIFO 110,000.00 105,000.00 98,250.00

WEIGHTED AVERAGE
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
In Process Beg 15,000.00
Started/Received 95,000.00
Total 110,000.00
105,000.00

Completed 105,000.00 100% 105,000.00 100% 105,000.00

In Process End 5,000.00 0.000% - 45.00% 2,250.00
TOTAL - AVE 110,000.00 105,000.00 107,250.00

Case 3: The company applies material at the start 50%, and the remaining 50% is added evenly

FIFO
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
In Process Beg 15,000.00 80.0% 12,000.00 60.00% 9,000.00
Started/Received 95,000.00
Total 110,000.00

Completed
In Process Beg 15,000.00 20.00% 3,000.00 40.00% 6,000.00
Started 90,000.00 100.00% 90,000.00 100.00% 90,000.00
In Process End 5,000.00 72.500% 3,625.00 45.00% 2,250.00
TOTAL - FIFO 110,000.00 96,625.00 98,250.00

WEIGHTED AVERAGE
Actual Materials Labor and Overhead
Quantity Schedule Quantity WD EUP WD EUP
In Process Beg 15,000.00
Started/Received 95,000.00
Total 110,000.00

Completed 105,000.00 100% 105,000.00 100% 105,000.00

In Process End 5,000.00 72.500% 3,625.00 45.00% 2,250.00
TOTAL - AVE 110,000.00 108,625.00 107,250.00