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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:

  1. All materials are added at the beginning of the process.
  2. Beginning work in process had 74,900 units, 40 percent complete with respect to conversion costs.
  3. Ending work in process had 19,600 units, 35 percent complete with respect to conversion costs.
  4. Started in process, 109,100 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

ekkarill92 answered 1 year ago
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