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 Percent Complete 100% Conversion Percent Complete 80% Units Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory 77,000 838,000 730,000 185,000 100% 40% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials $ 535, 275 160,800 $ 696,075 3,582, 225 3,055, 200 6,637,425 $ 7,333,500 Conversion Total costs to account for 2. Compute cost per equivalent unit of production for both direct materials and conversion. Cost per equivalent unit of production Materials Conversion Total costs - Equivalent units of production (from part 1) Costs Costs EUP EUP Cost per equivalent unit of production

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 Percent Complete 100% Conversion Percent Complete 80% Units Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory 77,000 838,000 730,000 185,000 100% 40% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials $ 535, 275 160,800 $ 696,075 3,582, 225 3,055, 200 6,637,425 $ 7,333,500 Conversion Total costs to account for 2. Compute cost per equivalent unit of production for both direct materials and conversion. Cost per equivalent unit of production Materials Conversion Total costs - Equivalent units of production (from part 1) Costs Costs EUP EUP Cost per equivalent unit of production

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Description: !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 costis added evenly throughout each process. Direct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Direct Materials Percent Complete 60% Conversion Percent Complete 40% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 30,000 400,000 390,000 40,000 85% 35% Production cost information for the forming department follows. Beginning work in process Direct materials $ 50,800 19,300 $ 70,100 Conversion Costs added this period Direct materials 1,539,200 1,047,260 2,586,460 $ 2,656,560 Conversion Total costs to account for Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to…
Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 3,000 100% 40% Units started this period 21,600 Units completed and transferred out 22,200 Ending work in process inventory 2,400 100% 80% Beginning work in process inventory Direct materials $ 19,800 Conversion 221,940 $ 241,740 Costs added this period Direct materials 496,800 Conversion 2,165,940 2,662,740 Total costs to account for $ 2,904,480 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: Prepare the Forming department’s production cost report for May using FIFO. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
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Pharoah Company has gathered the following information. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Units in beginning work in process 22,400 Units started into production 183, 680 Units in ending work in process 26,880 Percent complete in ending work in process: Conversion costs 60 % Materials 100 % Cost of beginning work in process, plus costs incurred during the period: Direct materials $103, 040 Direct labor $184,576 Overhead $206, 080
Rigby Ltd accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. The following is a partially completed production report for May. Production report, May Percentage of completion with Physical Equivalent units units Direct Conversion materials respect to conversion Work in process, 1 May Units started during May 25,000 30,000 40% 55,000 35,000 Units completed and transferred out during May Work in process, 31 May 35,000 35,000 20,000 80% 20,000 16,000 Total units accounted for 55,000 Direct material Conversion Total Work in process, 1 May Costs incurred during May $143,000 $165,000 $308,000 $474,700 $2,009,000 $2,483,700 $617,700 $2,174,000 $2,791,700 Total costs to account for Required: a) Complete the following process costing steps using the weighted average method: i Calculation of equivalent units. ii Calculation of unit costs. iii Analysis…
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Intask Corporation uses the FIFO method in its process costing system. Beginning inventory in the mixing department consisted of 6,400 units that were 75% complete with respect to conversion costs. Ending work in process inventory consisted of 5,400 units that were 60% complete with respect to conversion costs. If 12,800 units were transferred to the next processing department during the period, the equivalent units of production for conversion cost would be: Multiple Choice O 13,400 units 11,240 units 14,400 units 13,800 units
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