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In: Accounting

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes...

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units

Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September:

All materials are added at the beginning of the process.
Beginning work in process had 70,400 units, 40 percent complete with respect to conversion costs.
Ending work in process had 12,200 units, 25 percent complete with respect to conversion costs.
Started in process, 96,600 units.

Required:

1. Prepare a physical flow schedule.


Heap Company
Physical Flow Schedule
Units to account for:


Total units to account for
Units accounted for:
Units completed and transferred out:



Total units accounted for

2. Compute equivalent units using the weighted average method.

Weighted average method: Equivalent Units
Direct Materials
Conversion Costs

3. Compute equivalent units using the FIFO method.

FIFO method: Equivalent Units
Direct Materials
Conversion Costs

Solutions

Expert Solution

1 BWIP units       70,400 Units completed & transferred out:
Started units       96,600 Started & completed 121,710
Total units to account for     167,000 Completed, from BWIP     42,240
EWIP units       3,050
Total units accounted for 167,000
2 DM Conversion
Units Completed     154,800     154,800
Units, EWIP       12,200         3,050
Equivalent units of output     167,000     157,850
3 DM Conversion
Units Completed       84,400       84,400
Units, BWIP       42,240
Units, EWIP       12,200         3,050
Equivalent units of output       96,600     129,690

ekkarill92 answered 2 years ago
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