Question: FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment a . In Cutting, all direct materials are added at the beginning of the process.

FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment

.

In Cutting, all direct materials are added at the beginning of the process.

.

Costs added to production during the month were direct materials, $

2, 565, 000

; direct labor, $

3, 471, 250 .

Overhead was assigned using the following information:

.

At the end of the month,

121, 000

units were transferred out to Welding, leaving

14, 000

units in ending work in process, or

25

percent complete.

Assume that the FIFO method is used.

Required:

Prepare a physical flow schedule.

Swasey Fabrication, Inc.

Physical Flow Schedule

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Calculate equivalent units of production for direct materials and conversion costs.

Equivalent Units

Direct Materials

Conversion Costs

Compute unit cost. Round unit costs & final answer to three decimal places.

per unit

Calculate the cost of goods transferred to Welding at the end of the month. In your calculations, round unit costs to three decimal places. Round your final answer to the nearest dollar.

Calculate the cost of ending inventory. In your calculations, round unit costs to three decimal places. Round your final answer to the nearest dollar.

FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment a.

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