FIFO Method, Physical Flow, Equivalent Units, Unit Costs, Cost Assignment Swasey Fabrication, Inc., manufactures frames for bicycles. Each frame passes th September, the Cutting Department of the Tulsa, Oklahoma, plant reported the following data a. In Cutting, all direct materials are added at the beginning of the process. b. Beginning work in process consisted of 40,000 units, 20 percent complete with respect to direct labor and overhead. Costs in beginning inventory rough three processes: Cutting, Welding, and Painting. In included direct materials, $1,215,000; direct labor, $222,000; and applied overhead, $150,000 c. Costs added to production during the month were dirct materials, $2,575,000; direct labor, $3,471,050. Overhead was assigned using the following information: Activity Rate $150 per inspection hour $750 per maintenance hour $300 per receiving order Actual Driver Usage 4,000 inspection hours 1,600 maintenance hours 2,000 receiving orders Inspection Maintenance Receiving d. At the end of the month, 121,000 units were transferred out to Welding, leaving 13,000 units in ending work in process, or 25 percent complete. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. Swasey Fabrication, Inc Physical Flow Schedule Units to account for: PreviousNext Check My Work Save and Exit Submit Assignment for Grading Email Instructor 1. Prepare a physical flow schedule. Swasey Fabrication, Inc. Physical Flow Schedule Units to account for Total units to account for Units accounted for Total units accounted for 2. Calculate equivalent units of production for direct materials and conversion costs Equivalent Units Direct Materials Conversion Costs 3. Compute unit cost. Round unit costs& final answer to three decimal places. per unit PreviousN Check My Work Submit Assignment for Email Instructor Save and Exit eBook Calculato Total units to account for Units accounted for: Total units accounted for 2. Calculate equivalent units of production for direct materials and conversion costs. Equivalent Units Direct Materials Conversion Costs 3. Compute unit cost. Round unit costs & final answer to three decimal places. per unit s transferred to Painting at the end of the month. In your calculations, round unit costs to three decimal places to 4. Calculate the cost of goods your final answer to the nearest dollar e the cost of ending inventory. In your calculations, round unit costs to three decimal places. Round your final answer to the nearest dollan KPr Previous Next Check My Work Email Instructor Save and Exit Submit Assignment for Grading
