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:

1. All materials are added at the beginning of the process.
2. Beginning work in process had 90,800 units, 30 percent complete with respect to conversion costs.
3. Ending work in process had 12,100 units, 35 percent complete with respect to conversion costs.
4. Started in process, 108,700 units.

Required:

1. Prepare a physical flow schedule.

Heap Company
Physical Flow Schedule
Units to account for:
Started and completed Units, beginning work in process Units, ending work in process
Units completed Units, ending work in process Units started Units transferred out
Total units to account for
Units accounted for:
Units completed and transferred out:
Started and completed Units completed Units started Units transferred out
From beginning work in process Units completed Units started Units transferred out
Units completed Units, ending work in process Units started Units transferred out
Total units accounted for

2. Compute equivalent units using the weighted average method.

Weighted average method:	Equivalent Units
Direct Materials
Conversion Costs

3. Compute equivalent units using the FIFO method.

FIFO method:	Equivalent Units
Direct Materials
Conversion Costs