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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
100%
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
80%
100%
40%
Beginning work in process inventory
$ 535, 275
160,800
Direct materials
Conversion
$ 696,075
Costs added this period
Direct materials
3,582, 225
3,055, 200
Conversion
6,637,425
Total costs to account for
$ 7,333,500
2. Compute cost per equivalent unit of production for both direct materials and conversion.
Cost per equivalent unit of production
Materials
Conversion
Total costs
Costs
Costs
- Equivalent units of production (from part 1)
EUP
EUP
Cost per equivalent unit of production
Transcribed Image Text:! 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 100% 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 80% 100% 40% Beginning work in process inventory $ 535, 275 160,800 Direct materials Conversion $ 696,075 Costs added this period Direct materials 3,582, 225 3,055, 200 Conversion 6,637,425 Total costs to account for $ 7,333,500 2. Compute cost per equivalent unit of production for both direct materials and conversion. Cost per equivalent unit of production Materials Conversion Total costs Costs Costs - Equivalent units of production (from part 1) EUP EUP Cost per equivalent unit of production
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