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FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Swasey Fabrication, Inc., manufactures frames for bicycles. Each frame passes through three processes: Cutting, Welding,

FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment
Swasey Fabrication, Inc., manufactures frames for bicycles. Each frame passes through three processes: Cutting, Welding, and Painting. In September, the Cutting Department of the Tulsa, Oklahoma, plant reported the following data:
In Cutting, all direct materials are added at the beginning of the process.
Beginning work in process consisted of 40,000 units, 20 percent complete with respect to direct labor and overhead. Costs in beginning inventory included direct materials, $1,215,000; direct labor, $222,000; and applied overhead, $150,000.
Costs added to production during the month were direct materials, $2,575,000; direct labor, $3,471,250. Overhead was assigned using the following information:
Activity Rate Actual Driver Usage
Inspection $150 per inspection hour 4,000 inspection hours
Maintenance $750 per maintenance hour 1,600 maintenance hours
Receiving $300 per receiving order 2,000 receiving orders
At the end of the month, 121,000 units were transferred out to Welding, leaving 14,000 units in ending work in process, or 25 percent complete.
Assume that the FIFO method is used.
Required:
Question Content Area
1. Prepare a physical flow schedule.
blank
Swasey Fabrication, Inc.
Physical Flow Schedule
Units to account for: blank
Total units to account for fill in the blank b042f3073f9bf86_5
Units accounted for: blank
- Select -
- Select -
Total units accounted for fill in the blank b042f3073f9bf86_10
Feedback Area
Feedback
1. A physical flow schedule shows the units to account for and what happened to them.
Question Content Area
2. Calculate equivalent units of production for direct materials and conversion costs.
Equivalent Units
Direct Materials fill in the blank 7977dc0c5f9efb3_1
Conversion Costs fill in the blank 7977dc0c5f9efb3_2
3. Compute unit cost. Round unit costs & final answer to three decimal places.
$fill in the blank 7977dc0c5f9efb3_3
per unit
4. Calculate the cost of goods transferred to Welding at the end of the month. In your calculations, round unit costs to three decimal places. Round your final answer to the nearest dollar.
$fill in the blank 7977dc0c5f9efb3_4
Calculate the cost of ending inventory. In your calculations, round unit costs to three decimal places. Round your final answer to the nearest dollar.
$fill in the blank 7977dc0c5f9efb3_5

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