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

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

c$.$ Costs added to production during the month were direct materials, $$2,565,000$; direct labor, $$3,471,050.$ Overhead was assigned using the following information:

d$.$ At the end of the month, $122,000$ 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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TCheck My Wock

A physical flow schedule shows the units to account for and what happened to them.

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

$

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TCheck My Wock

$($department$)$ by debiting the WIP account of the process $($department$)$ receiving the unit and crediting the WIP account of the transferring process $($department$).$