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. Direct Materials Conversion Percent Percent Complete 100% Complete 80% Units Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory 61,000 858,000 730,000 189,000 100% 60% Beginning work in process inventory Direct materials $ 418,145 147,595 Conversion $ 565,740 Costs added this period Direct materials 2,798,355 5,602,660 $ 6,168,400 Conversion 2,804,305 Total costs to account for 2. Compute cost per equivalent unit of production for both direct materials and conversion.
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A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
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A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Compute cost per equivalent unit of production for both direct materials and conversion. For the first column under "cost per equivalent unit of production" the options are: costs added this period, costs of beginning work in
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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.
Direct
Materials
Conversion
Percent
Percent
Units
Complete
Complete
Beginning work in process inventory
Units started this period
Units completed and transferred out
Ending work in process inventory
61,000
858,000
730,000
100%
80%
189,000
100%
60%
Beginning work in process inventory
$ 418,145
147,595
Direct materials
Conversion
$ 565,740
Costs added this period
Direct materials
2,798,355
5,602,660
$ 6,168,400
Conversion
2,804,305
Total costs to account for
2. Compute cost per equivalent unit of production for both direct materials and conversion.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F98e87c1e-d790-489b-a066-bf9d39e643de%2F06accc83-4df6-48b2-8a34-7b4422afe5ef%2F2cm3k0l_processed.jpeg&w=3840&q=75)
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