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 81,400 units, 30 percent complete with respect to conversion costs.
3. Ending work in process had 12,100 units, 25 percent complete with respect to conversion costs.
4. Started in process, 110,000 units.

Required:

1. Prepare a physical flow schedule.

Heap Company
Physical Flow Schedule
Units to account for:
		Started & Completed	Or Units, beginning WIP	Or Units, ending WIP
		Units completed	Or Units, ending WIP	Or Units started	Or Units transferred out
Total units to account for
Units accounted for:
Units completed and transferred out:
		Started & completed	Or Units completed	Or Units started	Or Units transferred out
		From beginning WIP	Or Units completed	Or Units started	Or Units transferred out
		Units completed	Or Units, ending WIP	Or Units started	Or 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