FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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[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%
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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. 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%
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