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 Total units Units 67,000 886,000 755,000 198,000 Units $ 433,615 111,700 2,901,885 2,122,300 Direct Materials Percent Complete 100% 100% Percent Complete Required: 1. Compute equivalent units of production for both direct materials and conversion. Conversion Percent Complete 80% $ 545,315 5,024, 185 $ 5,569,500 Equivalent Units of Production (EUP) - Weighted Average Method Direct Materials EUP 70% Conversion Percent Complete EUP

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Total units
Units
67,000
886,000
755,000
198,000
Units
$ 433,615
111,700
2,901,885
2,122,300
Direct
Materials
Percent
Complete
100%
100%
Percent
Complete
Required:
1. Compute equivalent units of production for both direct materials and conversion.
Conversion
Percent
Complete
80%
$ 545,315
5,024, 185
$ 5,569,500
Equivalent Units of Production (EUP) - Weighted Average Method
Direct Materials
EUP
70%
Percent
Complete
Conversion
EUP
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 Total units Units 67,000 886,000 755,000 198,000 Units $ 433,615 111,700 2,901,885 2,122,300 Direct Materials Percent Complete 100% 100% Percent Complete Required: 1. Compute equivalent units of production for both direct materials and conversion. Conversion Percent Complete 80% $ 545,315 5,024, 185 $ 5,569,500 Equivalent Units of Production (EUP) - Weighted Average Method Direct Materials EUP 70% Percent Complete Conversion EUP
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