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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:

1. All materials are added at the beginning of the process.
2. Beginning work in process had 80,200 units, 30 percent complete with respect to conversion costs.
3. Ending work in process had 14,700 units, 30 percent complete with respect to conversion costs.
4. Started in process, 105,000 units.

Required:

1. Prepare a physical flow schedule.

2. Compute equivalent units using the weighted average method.

Weighted average method:	Equivalent Units
Direct Materials	fill in the blank
Conversion Costs	fill in the blank

3. Compute equivalent units using the FIFO method.

FIFO method:	Equivalent Units
Direct Materials	fill in the blank
Conversion Costs	fill in the blank

4. Suppose that the cost of direct materials in beginning work in process is $591,400 and that the direct materials cost incurred for October is $762,700. 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.