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.

T or F Conversion cost per equivalent unit equals total conversion costs for the period divided by total equivalent units of conversion costs. T or F Product costs must be allocated to the units transferred out of thedepartment and the partially completed units on hand at the end of the period. T or F Ford is a process manufacturer.

• The unit cost… a. is the total conversion costs divided by the number of units produced. b. is the total product costs divided by the number of units produced. c. product plus period cost d. is the total prime costs divided by the number of units produced. e. includes period costs.

Answer ALL the questions in this section. Shade the letter that corresponds to the most appropriateanswer on the answer sheet provided.2. Equivalent units of production(A) will always be greater than or equal to the physical units(B) are a measure of the number of complete units that could have been manufacturedfrom start to finish using the costs incurred during the period(C) are calculated for materials but not for conversion costs(D) are units of a new product that are essentially the same as the units of an existingproduct 5. The cash budget is part of the(A) Revenue budget(B) Operating budget(C) Financial budget(D) Budgeted balance sheet 6. Under variable costing, which manufacturing cost is expensed as a period cost?(A) Direct materials(B) Variable manufacturing overhead(C) Fixed manufacturing overhead(D) Direct labour 7. Under variable costing, which of the following costs are assigned to inventory?Variable Selling &Administrative CostsVariable FactoryOverhead Costs(A) Yes…

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Which of the following summarizes the weighted average cost flow assumption? Weighted average assumes that costs flow in the reverse order incurred. O Weighted average assumes that cost flow is allocated by the physical weight of items purchased. O Weighted average assumes that costs flow at an average of the costs available. O Weighted average assumes that costs flow in the order incurred.

Saved Required information Data Beginning work in process inventory: 5. Units in process 200 6. Completion with respect to materials 50 % 7 Completion with respect to conversion Costs in the beginning work in process inventory: 40 % 8. 6. Materials cost 2,590 10 Conversion cost 6,184 11 Units started into production during the period 16.500 12 Costs added to production during the period: 13 Materials cost $ 415,325 Conversion cost $ 1,266.500 15 Ending work in process inventory: 16 Units in process 100 17 Completion with respect to materials 50 % 18 Completion with respect to conversion 80 % %24 %24 2. 4. 1.

When units are produced over multiple periods (i.e. incomplete at the end of one period) production cost are assigned to individual units based on : -Equal units, -Equal costs -Equivalent cost -Equivalent units, 

For the weighted average method of process costing, the: total cost of completed units equals the total cost of ending work in process. unit cost of materials equals the unit cost for conversion costs. equivalent units for conversion costs are higher than the equivalent units for materials. flow of physical units produces the same results as the computations for equivalent units. None of the above is true.

On a graph, if a horizontal axis represents units of production and the vertical axis represents total costs, the total variable costs line would be shown as a(n):   Question 4 options:   horizontal line.   vertical line.   upward sloping line.   downward sloping line.