Madrid company manufactures a product that passes through two process: fabrication and assembly. The following information was obtained for the fabrication department for august:
a. All materials are added at the beginning of the process
b. Beginning work in process has 60,000 units, 30% complete with respect to conversion costs
c. Ending work in process has 12,000 units, 25% complete with respect to conversion cost
d. Started in process, 75,000 units
Required :
1. Prepare a physical flow schedule
2. Compute equivalent units using the weighted average method
3. Compute equivalent units using the FIFO method