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FIFO Method, Phrsical 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 Segtember, the Cutting Depart a. In Cutting, all direct materials are added at the beginning of the process. b. Beginning work in process consisted of 40,000 units, 20 percent complete with respect to direct labor and overhead, Costs in beginning inventory induded direct mater $150,000. c. Costs added to production during the month were direct materials, $2,575,000; 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 usod. Required: 1. Prepare a plivical flaw schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round unit costs \& final answer to three decimal places. $ per unit 4. Calculate the cost of goods transferred to Welding at the end of the month. In your calculations, round unit costs to three Calculate the cost of ending inventory. In your calculations, round unit costs to three decimal places. Round your final an FIFO Method, Phrsical 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 Segtember, the Cutting Depart a. In Cutting, all direct materials are added at the beginning of the process. b. Beginning work in process consisted of 40,000 units, 20 percent complete with respect to direct labor and overhead, Costs in beginning inventory induded direct mater $150,000. c. Costs added to production during the month were direct materials, $2,575,000; 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 usod. Required: 1. Prepare a plivical flaw schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round unit costs \& final answer to three decimal places. $ per unit 4. Calculate the cost of goods transferred to Welding at the end of the month. In your calculations, round unit costs to three Calculate the cost of ending inventory. In your calculations, round unit costs to three decimal places. Round your final an