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

Question

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: a. All materials are added at the beginning of the process. b. Beginning work in process had 75,600 units, 25 percent complete with respect to conversion costs. c. Ending work in process had 17,900 units, 40 percent complete with respect to conversion costs. d. Started in process, 109,900 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

Explanation / Answer

1) Physical flow schedule :

2) Equivalent unit using weighted average method :

Direct material = 167600+17900 = 185500 Units

Conversion = 167600+(17900*40%) = 174760 Units

3) Equivalent unit using FIFO method :

Direct material = (75600*0%+92000+100%+17900*100%) = 109900 Units

Conversion = (75600*75%+92000*100%+17900*40%) = 155860 units

Units to account for Beginning work in process 75600 Unit started into production 109900 Total units to account for 185500 Units accounted for Unit complete and transferred out Beginning work in process 75600 Unit started and completed 92000 Ending ending work in process 17900 Total units accounted for 185500

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