At the end of November, work in process inventory consists of 181,000 units that are 80% complete with respect to conversion. Beginning work in process inventory had $559,260 of direct materials and $206,955 of conversion cost. The direct material cost added in November is $3,742,740, and the conversion cost added is $3,932,145. Beginning work in process consisted of 63,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 63,000 were from beginning work in process and 712,000 units were started and completed during the period. . Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in rocess inventory. (Round "Cost per EUP" to 2 decimal places.) Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials Conversion Total costs of ending work in process Total costs accounted for
At the end of November, work in process inventory consists of 181,000 units that are 80% complete with respect to conversion. Beginning work in process inventory had $559,260 of direct materials and $206,955 of conversion cost. The direct material cost added in November is $3,742,740, and the conversion cost added is $3,932,145. Beginning work in process consisted of 63,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 63,000 were from beginning work in process and 712,000 units were started and completed during the period. . Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in rocess inventory. (Round "Cost per EUP" to 2 decimal places.) Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials Conversion Total costs of ending work in process Total costs accounted for
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added
evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first
process transferred 775,000 units of product to the second process. Additional information for the first process follows.
At the end of November, work in process inventory consists of 181,000 units that are 80% complete with respect to
conversion. Beginning work in process inventory had $559,260 of direct materials and $206,955 of conversion cost. The
direct material cost added in November is $3,742,740, and the conversion cost added is $3,932,145. Beginning work in
process consisted of 63,000 units that were 100% complete with respect to direct materials and 80% complete with
respect to conversion. Of the units completed, 63,000 were from beginning work in process and 712,000 units were
started and completed during the period.
3. Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in
process inventory. (Round "Cost per EUP" to 2 decimal places.)
Cost of units transferred out:
EUP
Cost per EUP
Total cost
Direct materials
Conversion
Total costs transferred out
Costs of ending work in process
EUP
Cost per EUP
Total cost
Direct materials
Conversion
Total costs of ending work in process
Total costs accounted for
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