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LogicCo is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero net disposal value. LogicCo uses the FIFO method of process costing. Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) E (Click the icon to view the weighted average data.) Read the requirements Requirement 1. For each cost category, compute equivalent units. Show physical units in the first column of your schedule. Enter the physical units in first, then calculate the equivalent units. (Complete all input fields. Enter a "0" for applicable zero amounts.) Physical Units Flow of Production Work in process beginning 900 2,754 Started during current period 3,654 To account for Completed and transferred out during current period From beginning work in process Started and completed Normal spoilage Abnormal spoilage Work in process, ending 490 Accounted for Equivalent units of work done in current period - X Data table D B Physical Units (Computer Chips) Direct Materials Conversion Costs 1 900 $ 125,766 $ 10,368 100% 30% 2,754 2,500 490 2 Work in process, beginning inventory (September 1) 3 Degree of completion of beginning work in process 4 Started during September 5 Good units completed and transferred out during September 6 Work in process, ending inventory (September 30) 7 Degree of completion of ending work in process 8 Total costs added during September 9 Normal spoilage as a percentage of good units 10 Degree of completion of normal spoilage 11 Degree of completion of abnormal spoilage 100% 10% $ 619,650 $ 253,098 15% 100% 100% 100% 100% Print Done Requirements 1. For each cost category, compute equivalent units. Show physical units in the first column of your schedule. 2. Summarize the total costs to account for calculate the cost per equivalent unit for each cost category, and assign costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process. 3. Should LogicCo's managers choose the weighted average method or the FIFO method? Explain briefly. Print Done Weighted average data Total Production Costs Direct Conversion Materials Costs 204.00 $ 82.00 $ Cost per equivalent unit for work done to date $ Cost of units completed and transferred out Abnormal spoilage Work in process, ending Total costs accounted for 822,250 $ 82,654 103,978 1,008,882 $ 586,500 $ 58,956 99,960 745,416 $ 235,750 23,698 4,018 263,466 $ Print Done LogicCo is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero net disposal value. LogicCo uses the FIFO method of process costing. Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) E (Click the icon to view the weighted average data.) Read the requirements Requirement 1. For each cost category, compute equivalent units. Show physical units in the first column of your schedule. Enter the physical units in first, then calculate the equivalent units. (Complete all input fields. Enter a "0" for applicable zero amounts.) Physical Units Flow of Production Work in process beginning 900 2,754 Started during current period 3,654 To account for Completed and transferred out during current period From beginning work in process Started and completed Normal spoilage Abnormal spoilage Work in process, ending 490 Accounted for Equivalent units of work done in current period - X Data table D B Physical Units (Computer Chips) Direct Materials Conversion Costs 1 900 $ 125,766 $ 10,368 100% 30% 2,754 2,500 490 2 Work in process, beginning inventory (September 1) 3 Degree of completion of beginning work in process 4 Started during September 5 Good units completed and transferred out during September 6 Work in process, ending inventory (September 30) 7 Degree of completion of ending work in process 8 Total costs added during September 9 Normal spoilage as a percentage of good units 10 Degree of completion of normal spoilage 11 Degree of completion of abnormal spoilage 100% 10% $ 619,650 $ 253,098 15% 100% 100% 100% 100% Print Done Requirements 1. For each cost category, compute equivalent units. Show physical units in the first column of your schedule. 2. Summarize the total costs to account for calculate the cost per equivalent unit for each cost category, and assign costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process. 3. Should LogicCo's managers choose the weighted average method or the FIFO method? Explain briefly. Print Done Weighted average data Total Production Costs Direct Conversion Materials Costs 204.00 $ 82.00 $ Cost per equivalent unit for work done to date $ Cost of units completed and transferred out Abnormal spoilage Work in process, ending Total costs accounted for 822,250 $ 82,654 103,978 1,008,882 $ 586,500 $ 58,956 99,960 745,416 $ 235,750 23,698 4,018 263,466 $ Print Done