Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units

Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September:

1. All materials are added at the beginning of the process.
2. Beginning work in process had 82,800 units, 25 percent complete with respect to conversion costs.
3. Ending work in process had 14,500 units, 30 percent complete with respect to conversion costs.
4. Started in process, 94,300 units.

Required:

1. Prepare a physical flow schedule.

Heap Company
Physical Flow Schedule
Units to account for:
Units, beginning work in process
Units started
Total units to account for
Units accounted for:
Units completed and transferred out:
Started and completed
From beginning work in process
Units, ending work in process
Total units accounted for

2. Compute equivalent units using the weighted average method.

Weighted average method:	Equivalent Units
Direct Materials
Conversion Costs

3. Compute equivalent units using the FIFO method.

FIFO method:	Equivalent Units
Direct Materials
Conversion Costs