[The following information applies to the questionsdisplayed below.]Victory Company uses weighted average process costing.The company has two production processes. Conversioncost is added evenly throughout each process. Directmaterials are added at the beginning of the first process.Additional information for the first process follows.Beginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in process inventoryBeginning work in process inventoryDirect materialsConversionCosts added this periodDirect materialsConversionTotal costs to account forCost assignment-Weighted averageCompleted and transferred outDirect materialsConversionEnding work in processDirect materialsConversionTotal costs accounted forUnitsEUP78,000876,000760,000194,000$ 496,08087,6403,319,9201,665, 160DirectMaterials.PercentComplete100%3. Assign costs to the department's output-specifically, tothe units transferred out and to the units in ending work inprocess inventory. (Round "Cost per EUP" to 2 decimalplaces.)100%Cost per EUP$ 583,7:4,985,0$ 5,568,80 formationinformation applies to the questions›W.]any uses weighted average process costing.has two production processes. Conversionevenly throughout each process. Directidded at the beginning of the first process.rmation for the first process follows.ork in process inventoryd this periodted and transferred outin process inventory.ork in process inventoryerialsIthis perioderialsIto account forghted averageed outUnitsEUP78,000876,000760,000194,000$ 496,08087,6403,319,9201,665, 160DirectMaterials. ConversionPercentComplete100%100%o the department'soutput-specifically, torred out and to the units in ending work iny. (Round "Cost per EUP" to 2 decimalCost per EUPPercentComplete80%$ 583,7204,985,080$ 5,568,80060%Total cost

In this Case, the company is using weighted average process costing and it has two production…

Answered: output-specifically, to 3. Assign costs…

output-specifically, to 3. Assign costs to the department's the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.)

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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Subject: acounting
T or F Conversion cost per equivalent unit equals total conversion costs for the period divided by total equivalent units of conversion costs. T or F Product costs must be allocated to the units transferred out of thedepartment and the partially completed units on hand at the end of the period. T or F Ford is a process manufacturer.
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1. With ABC, overhead costs are assigned to each product based on ________. Group of answer choices machine hours per product price of the product a predetermined overhead rate for a single cost driver the proportion of that product’s use of the cost driver
Process costing divides units into three groups Units from ___________ that are completed during the period. -Transferred in -Work in process -Ending inventory -Beginning Inventory Units that are _______ during the period. -not started -Started and completed -Incomplete Units that are ________ at the end of the period. -Incomplete -Not started -started and complete
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 6,000 units, 25% completed Direct materials, 141,000 units @ $2.1 Direct labor 15,300 To Finished Goods, 138,000 units 296,100 194,700 75,765 ? Factory overhead Bal. 2 units, 65% completed Determine the following: a. The number of units in work in process inventory at the end of the period. units b. Equivalent units of production for direct materials and conversion. If an amount box does not require an entry, leave it blank. Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Fquivalent
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Which of the following is a characteristic of a process cost accounting system? A. Material, Labor, and Overheads are accumulated by orders. B. Companies use this system if they process custom orders. C. Only Closing stock of work in process is restated in terms of completed units. D. Opening and Closing stock of work in process are related in terms of completed units.
In process costing, costs are accounted for by a. year. b. process. c. job. d. batch
Godo
Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials. Conversion Total costs to account for Units 4,400 20, 600 25,000 3,800 $314, 760 1,374,948 Direct Materials Conversion Percent Percent Complete Complete 100% 30% 100% $ 124,790 1,689, 708 $ 1,814, 498 70%