C eBook FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Swasey Fabrication, Inc., manufactures frames for bicydes. Each frame passes through three processes: Cutting, Weiding, and Painting in September, the Cutting Department of the Tulsa, Oklahoma, plant reported the following data: B. In Cutting, all direct materials are added at the beginning of the process. b. Beginning work in process consisted of 41,000 units, 20 percent complete with respect to direct labor and overhead. Casts in beginning inventory included direct materials, 51,215,000: direct labor, 5222,000; and applied overhead, $150,000 - Costs added to production during the month were direct materials, $2,565,000; direct labor, $3471,250. Overhead was assigned using the following information Activity Rate Actual Driver Usage Inspection $150 per inspection hour 4,000 inspection hours Maintenance $750 per maintenance hour 1,600 maintenance hours Receiving $300 per receiving order 2,000 receiving orders d. At the end of the month, 121,000 units were transferred out to Welding, leaving 13,000 unitsin ending work in process, or 25 percent complete Assume that the FIFO method is used. Required 1. Prepare a physical flow schedule. Swasey Fabrication, Inc. Physical Flow Schedule Units to account for: Units, beginning woric in process Units started transferred in 40,000 X Total units to account for Units accounted for Check My Work Previous Next > All work savo Save and Suomi Assignment for Grading MacBook Air eBook Maintenance $750 per maintenance hour 1,600 maintenance hours Receiving $300 per receiving order 2,000 receiving orders d. At the end of the month, 121,000 units were transferred out to Welding, leaving 13,000 units in ending work in process, or 25 percent complete Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. I 40,000 x Swasey Fabrication, Inc. Physical Flow Schedule Units to account for Units, beginning work in process Units started transferred in) Total units to account for Units accounted for Units completed and transferred out Units, ending work in process Total units accounted for 15.00 1. A physiow schedule shows the units to account for and what happened to the Cd My Virk Previous Next All work saved Soe and Submissiment for Grading MacBook Air eBook 2. Calculate equivalent units of production for direct materials and conversion costs. Equivalent Units Direct Materials Conversion Costs 1. Compute un cost Round unit costs a final answer to three decimal places & per un Calculate the cost of goods transferred to Welding at the end othe month. In your calculations, round unit costs to three decimal places. Round your final answer to the nearest dollar. 554,382.50 x Calculate the cost of ending Inventory. In your calculations, round unit costs to three decimal places. Round your final answer to the nearest dollar. 9,873,017.50 Web 2. The equivalent units schedule measures the output of the period. A fully counted as a unit of output. Output for a unit in ending work in process is counted by its degree of completion 2. Ning FIFO.com per equivalent unit is calculated using any current cost. Determine wy dividing current costs for direct materials and conversion costs by the tevalent units. Add a unit costs to get the total cost er uvalent unit 4. The cost of goods (services) transferred out is the unit cost multiplied by the cometed. The cost of WIP is the unit cost multiplied by the equivalent units found in WIR The partially completed units and their associated costs are transferred to the next process department) by debiting the WIP account of the proces (department receiving the unit and crediting the WIP account of the treng Druces (department), Od My Wor Previous Next > All work saved Save and En Suomessigment for Grading MacBook Air