Fleming, Fleming, and Johnson, a local CPA firm, provided the following data for individual returns processed for March (output is measured in number of returns):

Required:
1. Prepare a physical flow schedule 2. Prepare an equivalent units schedule. Explain why output is measured in equivalent units.
3. What if EWIP is 80 percent complete? How would this change affect the physical flow schedule? The equivalent units schedule?LO1

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Units, beginning work in process Units started 6,000 Units completed 5,000 Units, ending work in process (50% complete) 1,000 Total production costs $5,500