Comerstone Exercise 6.3 Physical Flow and Equivalent Units with EWIP 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): Units, beginning work in process Units started Units completed Units, ending work in process (50% complete) 1,000 Total production costs 6,000 5,000 . $5,500 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? K1 Cornerstone Exercise A Cost Information During October, McCourt Associates incurred total production coche of $60,000 for copyediting manuscripts and had the following equivalent units schedule Units completed 285 Units in EWIPX Fraction complete 25x0.80 15 Equivalent units 300 Required 1. Calculate the cost of copyediting one manuscript for October 2. Assign costs to manuscripts completed and to EWIP and then do a cost reconciliation 3. What ifthe costs assigned to units completed and EWIP total were calculated using a unit cost of $225? What is the discrepancy between the costs assigned and the costs to account for? What could have caused an incorrect unit cost