Please do not give solution in image format thanku Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1(The following information applies to the questions displayed below.)Victory Company uses weighted average process costing. The company has two production processes. Conversion costis added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional.information for the first process follows.Beginning work in process inventoryUnits started this periodUnita completed and transferred outEnding work in process inventoryBeginning work in process inventoryDirect materialeConversionCosta added this periodDirect materialsConversionTotal costs to account forProblem 20-1A (Algo) Part 1Total unitsUnits65,000830.000715,000100,000$ 349,050161,000Units2,335,9503,059,000DirectMaterialsPercentComplete100%100%PercentCompleteRequired:1. Compute equivalent units of production for both direct materials and conversion.ConversionParcentComplete80%$ 510,0505,394,950$5.905.000Equivalent Units of Production (EUP)-Weighted Average MethodDirect MaterialsEUP50%PercentCompleteConversionEUP Required informationProblem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1(The following information applies to the questions displayed below]Victory Company uses weighted average process costing. The company has two production processes. Conversion costis added evenly throughout each process. Direct materials are added at the beginning of the first process. Additionalinformation for the first process follows.Beginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in process inventoryBeginning work in process inventoryDirect materialsConversionCoets added this periodDirect materialsConversionTotal costs to account forCost per equivalent unit of productionTotal costsEquivalent units of production (from part 1)Cost per equivalent unit of productionBeginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in process inventoryBeginning work in process inventoryDirect materialsConversionCosts added this periodDirect materialeConversionTotal costs to account forUnits45,000$30,000715,000180,000Problem 20-1A (Algo) Part 22. Compute cost per equivalent unit of production for both direct materials and conversion.Cost assignment-Weighted averageCompleted and transferred outDirect materialsConversionDirectMaterialePercentComplete100%$ 349,050161,000Ending work in processDirect materialsConversion2,335.9503,059,000Total costs accounted for100%EUPCostsEUP#$10,0505,394,950$5.905,000Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1[The following information applies to the questions displayed below]Victory Company uses weighted average process costing. The company has two production processes. Conversion costis added evenly throughout each process. Direct materials are added at the beginning of the first process. Additionalinformation for the first process followsConversionParcentCompleteBOSUnits65,000830,000715,000180,000Materiale$ 349,050161,000$2,335,9503,059,000$50%DCost per EUPCostsEUPDirectMateriale ConversionPercentFercentComplete Complete100%80%100%Problem 20-1A (Algo) Part 33. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in processInventory.Note: Round "Cost per EUP" to 2 decimal places.$ 510,0505,394,9505,905,000Conversion0.00 $0.0050%$50Total cost이0

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Description: Please do not give solution in image format thanku Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1(The following information applies to the questions displayed below.)Victory Company uses weighted ave

Cost assignment can be inferred as an allocation of costs between the units completed and…

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Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 (The following information applies to the questions displayed below] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional Information for the first process follows. Beginning work in process inventory Units started this period Unita 45,000 30 056 Direct Materials Percent Complete 100% Conversion Parcent Complete 0%

Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 (The following information applies to the questions displayed below] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional Information for the first process follows. Beginning work in process inventory Units started this period Unita 45,000 30 056 Direct Materials Percent Complete 100% Conversion Parcent Complete 0%

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?
(Appendix 3A) Separating Fixed and Variable Costs, Service Setting Louise McDermott, controller for the Galvin plant of Veromar Inc., wanted to determine the cost behavior of moving materials throughout the plant. She accumulated the following data on the number of moves (from 100 to 800 in increments of 100) and the total cost of moving materials at those levels of moves: Required: 1. Prepare a scattergraph based on these data. Use cost for the vertical axis and number of moves for the horizontal axis. Based on an examination of the scattergraph, does there appear to be a linear relationship between the total cost of moving materials and the number of moves? 2. Compute the cost formula for moving materials by using the high-low method. Calculate the predicted cost for a month with 550 moves by using the high-low formula. (Note: Round the answer for the variable rate to three decimal places and the answer for total fixed cost and total cost to the nearest dollar.) 3. CONCEPTUAL CONNECTION Compute the cost formula for moving materials using the method of least squares. (Note: For the method of least squares, round the variable rate to two decimal places and total fixed cost and total cost to the nearest dollar.) Using the regression cost formula, what is the predicted cost for a month with 550 moves? What does the coefficient of determination tell you about the cost formula computed by regression? 4. CONCEPTUAL CONNECTION Evaluate the cost formula using the least squares coefficients. Could it be improved? Try dropping the third data point (300, 3,400), and rerun the regression.
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Seacrest Company uses a process-costing system. The company manufactures a product that is processed in two departments: A and B. As work is completed, it is transferred out. All inputs are added uniformly in Department A. The following summarizes the production activity and costs for November: Required: 1. Using the weighted average method, prepare the following for Department A: (a) a physical flow schedule, (b) an equivalent unit calculation, (c) calculation of unit costs (Note: Round to four decimal places.), (d) cost of EWIP and cost of goods transferred out, and (e) a cost reconciliation. 2. CONCEPTUAL CONNECTION Prepare journal entries that show the flow of manufacturing costs for Department A. Use a conversion cost control account for conversion costs. Many firms are now combining direct labor and overhead costs into one category. They are not tracking direct labor separately. Offer some reasons for this practice.
Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: The costs that Byford had to account for during the month of November were as follows: Required: 1. Using the weighted average method, determine unit cost. 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? 3. CONCEPTUAL CONNECTION Bill Johnson, the manager of Byford, is considering switching from weighted average to FIFO. Explain the key differences between the two approaches and make a recommendation to Bill about which method should be used.
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 76,00 874,000 750,000 200,000 $ 494,000 87,000 3,306,000 1,653,000 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 80% $ 581,000 4,959,000 $ 5,540,000 Required: 1. Compute equivalent units of production for both direct materials and conversion. 60%
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production 69,000 855,000 715,000 209,000 $ 480,480 81,950 3,215,520 1,557,050 Direct Materials Percent Complete 100% 100% Costs EUP Conversion Percent Complete 80% $ 562,430 4,772,570 $ 5,335,000 2. Compute cost per equivalent unit of production for both direct…
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials. Conversion Total costs to account for Units Cost per equivalent unit of production Costs added this period Costs of beginning work in process Total costs +Equivalent units of production (from part 1) Cost per equivalent unit of production 78,000 831,000 710,000 199,000 $ 354,510 212,325 2,372,490 4,034,175 Direct Materials Percent Complete 100% 30 100% Conversion Percent Complete -80% Costs EUP $…
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 67,000 844,000 Direct Materials Percent Complete 100% Conversion Percent Complete 80% 715,000 196,000 100% 90% $ 296,075 133,710 $ 429,785 1,981,425 2,540,490 4,521,915 $ 4,951,700 2. Compute cost per equivalent unit of production for both direct materials and conversion. Cost per equivalent unit of production Total costs + Equivalent units of…
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Total units Units 60,000 820,000 700,000 180,000 Units $ 420,000 139,000 2,220,000 3,254,000 Direct Materials Percent Complete 100% 100% Percent Complete Required: 1. Compute equivalent units of production for both direct materials and conversion. Conversion Percent Complete 80% $ 559,000 5,474,000 $ 6,033,000 Equivalent Units of Production (EUP) - Weighted…