Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for October: a. All materials are added at the beginning of the process. b. Beginning work in process had 93,100 units, 25 percent complete with respect conversion costs c. Ending work in process had 13,900 units, 35 percent complete with respect to conversion costs. d. Started in process, 95,400 units. Required: 1. Prepare a physical flow schedule. Middelton Company Physical Flow Schedule Units to account for: 93,100 Total units to account for Units accounted for: Units completed and transferred out: Total units accounted for Feedback Check My Work 1. The physical flow schedule traces the units in process regardless of their stage of completion and provides the information needed for preparing the equivalent units schedule. 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 Feedback Check My Work 2. To calculate equivalent units, weighted average counts prior-period output in BWIP as belonging to the current period. So all completed units are treated as output of the current period. 3. FIFO treats the work (equivalent output) in BWIP as belonging to the prior period and only counts the work (equivalent output for each input) done this period as part of this period's output. 4. Suppose that the cost of direct materials in beginning work in process is $644,700 and that the direct materials cost incurred for October is $746,500. With these changes, answer the following: a. What is the unit materials cost for the units in BWIP? Round your answers to the nearest cent. $ b. What is the unit materials cost for units produced in October? Round your answers to the nearest cent. $