The Evanston plant of Fit-for-Life Foods Corporation produces low-fat salad dressing. The following data pertain to the year just ended. Percentage of Completion Work in process, January 1 Work in process, December 31 Units 32,000 lb. 27,000 lb. Direct Material 70% 70% Conversion 60% 30% During the year, the company started 172,000 pounds of material in production. Required: Prepare a schedule analyzing the physical flow of units and computing the equivalent units of both direct material and conversion for the year. Use weighted-average process costing. CALCULATION OF EQUIVALENT UNITS: FIT-FOR-LIFE FOODS CORPORATION Work in process, January 1 Units started during the year Total units to account for Unit completed and transferred out during the year Work in process, December 31 Total units accounted for Total equivalent units Weighted-Average Method Percentage of Completion Equivalent Units Physical Units Direct Material Conversion Direct Material Conversion % % 0 % % % % 0 0 0