Quantity Schedule: FIFO METHOD

Units of
Work
Actual Production
Done
Equivalent
Work in Process Inventory, beginning xx
Started in Process xx In equation form:
Units to be accounted for xxx
Units to be accounted for =as accounted for
WIP, beg. + Started in Process = Completed
Work in Process beginning, finished and and transferred + WIP, end
transferred xx % xx
Started, Finished and Transferred xx % xx
Work in Process inventory, end xx % xx
Total units as accounted for xxx xxx

Example:
Work in Process, beginning( 25% completed) 4,000 u
Started in Process 12,000 u
Completed and Transferred 10,000 u
Work in Process, end (40% completed) ? WIP end WIP,beg.+Started in Process- C&T
6,000 = 4,000 + 12,000 - 10,000

Work in Process Inventory, beginning 4,000

Started in Process 12,000
Units to be accounted for 16,000

Units accounted for as follows:

Work in Process beginning, finished and
transferred 4,000 75% 3,000
Started, Finished and Transferred 6,000 100% 6,000
Work in Process inventory, end 6,000 40% 2,400
Total units as accounted for 16,000 11,400
Quantity Schedule: FIFO METHOD
Equivalent
Units of
Actual Work Done Production
Work in Process Inventory, beginning xx
Started in Process xx
Units to be accounted for xxx

Work in Process beginning, finished and

transferred xx % xx
Started, Finished and Transferred xx % xx
Work in Process inventory, end xx % xx
Total units as accounted for xxx xxx

Example:
Work in Process, beginning( 1/4 completed) 12,000
Work in Process, beginning( 1/8 completed) 8,000
Started in Process 50,000
Completed and Transferred 40000
Work in Process, end (1/6 incomplete) ?

Work in Process Inventory, beginning 20,000

Started in Process 50,000
Units to be accounted for 70,000

Units accounted for as follows: EUP

Work in Process beginning, finished and
transferred 12,000 3/4 9,000 U
Work in Process beginning, finished and
transferred 8,000 7/8 7,000 8,000
Started, Finished and Transferred 20,000 100% 20,000 20,000
Work in Process inventory, end 30,000 1/6 5,000 5,000
Total units as accounted for 70,000 41,000 45,000

WIP,end = 50,000 - 20,000 =30,000

Started, Finished & transferred = Completed and transferred - WIP, beg., finished & transferred
Quantity Schedule: FIFO METHOD
Equivalent
Units of
Actual Work Done Production
Work in Process Inventory, beginning xx
Started in Process xx
Units to be accounted for xxx

Work in Process beginning, finished and

transferred xx % xx
Started, Finished and Transferred xx % xx
Work in Process inventory, end xx % xx
Total units as accounted for xxx xxx

Example:
Work in Process, beginning( 2/5 completed) 10,000
Work in Process, beginning( 3/5 completed) 10,000
Work in Process, beginning( 2/5 completed) 5,000
Placed into Process 40,000
Finished and Transferred 45000
Work in Process, end (1/2 is 4/5 completed ? 10,000
& the balance is 1/2 completed 10,000

Work in Process Inventory, beginning 25,000

Placed into Process 40,000
Units to be accounted for 65,000

Units accounted for as follows:

Work in Process beginning, finished and WA
transferred 10,000 3/5 6,000 10,000
Work in Process beginning, finished and
transferred 10,000 2/5 4,000 10,000
WIP beg, finiahed & transferred 5,000 3/5 3,000 5,000
Started, Finished and Transferred 20,000 100% 20,000 20,000
Work in Process inventory, end 10,000 1/2 5,000 5,000
Work in Process inventory, end 10,000 4/5 8,000 8,000
Total units as accounted for 65,000 46,000 58,000

WIP,end = 50,000 - 20,000 =30,000