Question

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 2 years ago
Next > < Previous

Related Solutions

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....
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 71,200 units, 40 percent complete with respect to conversion costs. Ending work in process had 13,400 units, 20 percent complete with respect to conversion costs. Started in process, 101,200 units. Required: 1....
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 73,600 units, 40 percent complete with respect to conversion costs. Ending work in process had 15,700 units, 35 percent complete with respect to conversion costs. Started in process, 90,600 units. Required: 1....
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 90,300 units, 20 percent complete with respect to conversion costs. Ending work in process had 12,900 units, 20 percent complete with respect to conversion costs. Started in process, 98,200 units. Required: 1....
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Units to account for:...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Units to account for:...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Units to account for:...
Weighted Average Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment, ABC Swasey Fabrication, Inc., manufactures...
Weighted Average Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment, ABC Swasey Fabrication, Inc., manufactures frames for bicycles. Each frame passes through three processes: Cutting, Welding, and Painting. In September, the Cutting Department of the Tulsa, Oklahoma, plant reported the following data: In Cutting, all direct materials are added at the beginning of the process. Beginning work in process consisted of 41,000 units, 20 percent complete with respect to direct labor and overhead. Costs in beginning inventory included direct...
FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Swasey Fabrication, Inc., manufactures frames for...
FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Swasey Fabrication, Inc., manufactures frames for bicycles. Each frame passes through three processes: Cutting, Welding, and Painting. In September, the Cutting Department of the Tulsa, Oklahoma, plant reported the following data: In Cutting, all direct materials are added at the beginning of the process. Beginning work in process consisted of 41,000 units, 20 percent complete with respect to direct labor and overhead. Costs in beginning inventory included direct materials, $1,215,000;...
FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Swasey Fabrication, Inc., manufactures frames for...
FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Swasey Fabrication, Inc., manufactures frames for bicycles. Each frame passes through three processes: Cutting, Welding, and Painting. In September, the Cutting Department of the Tulsa, Oklahoma, plant reported the following data: In Cutting, all direct materials are added at the beginning of the process. Beginning work in process consisted of 41,000 units, 20 percent complete with respect to direct labor and overhead. Costs in beginning inventory included direct materials, $1,215,000;...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT