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$)$

$6,000$

$4,700$

$1,300$

$$7,500$

Total production costs

Required:

Prepare a physical flow schedule. If an amount is zero, enter $"0".$

Fleming, Fleming, and Johnson

Physical Flow Schedule

Units to account for:

Total units to account for

Units accounted for:

Units completed:

Total units to account for

Units accounted for:

Units completed:

Total units accounted for

$2.$ Prepare an equivalent units schedule.

Fleming, Fleming, and Johnson

Equivalent Units Schedule

Units in EWIP $$ Fraction complete:

$3.$ What if EWIP is $90$ percent complete? How would this change affect the physical flow schedule? The equivalent units schedule?

Changing the degree of completion $.$ the physical flow schedule. However, the equivalent units schedule There would now be equivalent units for EWIP, the total output for the period to