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

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

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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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