Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes Fabrication and Assembly The following information was obtained for the Fabrication Department for October All materials are added at the beginning of the process Beginning work in process had 78,000 units, 30 percent complete with respect to conversion costs Ending work in process had 12,300 units, 30 percent complete with respect to conversion costs Started in process, 107,500 units Required Question Content Area 1 Prepare a physical flow schedule blank Middelton Company Physical Flow Schedule Units to account for blank (Select) Started and completed Units beginning work in process Units, ending work in process (Select) 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 (Select) Started and completed Units completed Units started Units transferred out (Select) From beginning work in process Units completed Units started Units transferred out (Select) Units completed Units, ending work in process Units started Units transferred out Total units accounted for Question Content Area 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 4 b) Fill in the blank (From Which method should be used to answer this question to Explaining why the two unit costs differ and showing how the Weighted Average method is a blend of BWIP and current cost is ) weighted avg FIFO weighted avg FIFO Should be Should not Will Will not distribution proportion comparison descriptive diagnostic predictive prescriptive descriptive diagnostic predictive prescriptive descriptive diagnostic predictive prescriptive Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes Fabrication and Assembly The following information was obtained for the Fabrication Department for October a All materials are added at the beginning of the process b Beginning work in process had 78,000 units, 30 percent complete with respect to conversion costs c Ending work in process had 12,300 units, 30 percent complete with respect to conversion costs d Started in process, 107,500 units Required 1 Prepare a physical flow schedule 2 Compute equivalent units using the weighted average method 3 Compute equivalent units using the FIFO method 4 Suppose that the cost of direct materials in beginning work in process is $635,200 and that the direct materials cost incurred for October is $736,100 With these changes, answer the following a What is the unit materials cost for the units in BWIP Round your answers to the nearest cent $ b What is the unit materials cost for units produced in October Round your answers to the nearest cent $ Which method should be used to answer this question Explain why the unit materials cost is not the same for weighted average and FIFO When those costs are changing from one period to the next, then the unit costs for FIFO and WA cost Because the weights are the of total equivalent units for each unit cost c Which data analytic types (descriptive, diagnostic, predictive, or prescriptive) apply for 4a and 4b Note More than one data analytic type might apply (See Exhibit 2 5 and Exhibit 2 6 for a review of data analytic metrics ) Calculating what the unit materials cost is for September is Identifying the method that should be used for calculating October's unit materials cost is Explaining why the two unit costs differ and showing how the Weighted Average method is a blend of BWIP and current cost is

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Question: Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units

Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for October:

All materials are added at the beginning of the process.

Beginning work in process had 78,000 units, 30 percent complete with respect to conversion costs.

Ending work in process had 12,300 units, 30 percent complete with respect to conversion costs.

Started in process, 107,500 units.

Required:

Question Content Area

1. Prepare a physical flow schedule.

blank Middelton Company Physical Flow Schedule
Units to account for:	blank
(Select) Started and completed Units / beginning work in process / Units, ending work in process
(Select) 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:
(Select) Started and completed / Units completed / Units started / Units transferred out
(Select) From beginning work in process / Units completed / Units started / Units transferred out
(Select) Units completed / Units, ending work in process / Units started / Units transferred out	- -
Total units accounted for

Question Content Area

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

4. b) Fill in the blank (From "Which method should be used to answer this question?" to "Explaining why the two unit costs differ and showing how the Weighted Average method is a blend of BWIP and current cost is ____")

weighted avg / FIFO

Should be / Should not

Will / Will not

distribution / proportion / comparison

descriptive / diagnostic / predictive / prescriptive

Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for October: a. All materials are added at the beginning of the process. b. Beginning work in process had 78,000 units, 30 percent complete with respect to conversion costs. c. Ending work in process had 12,300 units, 30 percent complete with respect to conversion costs. d. Started in process, 107,500 units. Required: 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method. 4. Suppose that the cost of direct materials in beginning work in process is $635,200 and that the direct materials cost incurred for October is $736,100. With these changes, answer the following: a. What is the unit materials cost for the units in BWIP? Round your answers to the nearest cent. $ b. What is the unit materials cost for units produced in October? Round your answers to the nearest cent. $ Which method should be used to answer this question? Explain why the unit materials cost is not the same for weighted average and FIFO. When those costs are changing from one period to the next, then the unit costs for FIFO and WA cost. Because the weights are the of total equivalent units for each unit cost. c. Which data analytic types (descriptive, diagnostic, predictive, or prescriptive) apply for 4a and 4b ? Note: More than one data analytic type might apply. (See Exhibit 2.5 and Exhibit 2.6 for a review of data analytic metrics.) Calculating what the unit materials cost is for September is - Identifying the method that should be used for calculating October's unit materials cost is . Explaining why the two unit costs differ and showing how the Weighted Average method is a blend of BWIP and current cost is

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