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Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 (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 Unita 45,000 30 056 Direct Materials Percent Complete 100% Conversion Parcent Complete 0%

Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 (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 Unita 45,000 30 056 Direct Materials Percent Complete 100% Conversion Parcent Complete 0%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 (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 Unita completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materiale Conversion Costa added this period Direct materials Conversion Total costs to account for Problem 20-1A (Algo) Part 1 Total units Units 65,000 830.000 715,000 100,000 $ 349,050 161,000 Units 2,335,950 3,059,000 Direct Materials Percent Complete 100% 100% Percent Complete Required: 1. Compute equivalent units of production for both direct materials and conversion. Conversion Parcent Complete 80% $ 510,050 5,394,950 $5.905.000 Equivalent Units of Production (EUP)-Weighted Average Method Direct Materials EUP 50% Percent Complete Conversion EUP
Transcribed Image Text:Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 (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 Unita completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materiale Conversion Costa added this period Direct materials Conversion Total costs to account for Problem 20-1A (Algo) Part 1 Total units Units 65,000 830.000 715,000 100,000 $ 349,050 161,000 Units 2,335,950 3,059,000 Direct Materials Percent Complete 100% 100% Percent Complete Required: 1. Compute equivalent units of production for both direct materials and conversion. Conversion Parcent Complete 80% $ 510,050 5,394,950 $5.905.000 Equivalent Units of Production (EUP)-Weighted Average Method Direct Materials EUP 50% Percent Complete Conversion EUP
Required information Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 (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 Coets added this period Direct materials Conversion Total costs to account for Cost per equivalent unit of production Total costs Equivalent units of production (from part 1) Cost per equivalent unit of production 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 materiale Conversion Total costs to account for Units 45,000 $30,000 715,000 180,000 Problem 20-1A (Algo) Part 2 2. Compute cost per equivalent unit of production for both direct materials and conversion. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Direct Materiale Percent Complete 100% $ 349,050 161,000 Ending work in process Direct materials Conversion 2,335.950 3,059,000 Total costs accounted for 100% EUP Costs EUP #$10,050 5,394,950 $5.905,000 Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 [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 Conversion Parcent Complete BOS Units 65,000 830,000 715,000 180,000 Materiale $ 349,050 161,000 $ 2,335,950 3,059,000 $ 50% D Cost per EUP Costs EUP Direct Materiale Conversion Percent Fercent Complete Complete 100% 80% 100% Problem 20-1A (Algo) Part 3 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process Inventory. Note: Round "Cost per EUP" to 2 decimal places. $ 510,050 5,394,950 5,905,000 Conversion 0.00 $ 0.00 50% $50 Total cost 이 0
Transcribed Image Text:Required information Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 (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 Coets added this period Direct materials Conversion Total costs to account for Cost per equivalent unit of production Total costs Equivalent units of production (from part 1) Cost per equivalent unit of production 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 materiale Conversion Total costs to account for Units 45,000 $30,000 715,000 180,000 Problem 20-1A (Algo) Part 2 2. Compute cost per equivalent unit of production for both direct materials and conversion. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Direct Materiale Percent Complete 100% $ 349,050 161,000 Ending work in process Direct materials Conversion 2,335.950 3,059,000 Total costs accounted for 100% EUP Costs EUP #$10,050 5,394,950 $5.905,000 Problem 20-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 [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 Conversion Parcent Complete BOS Units 65,000 830,000 715,000 180,000 Materiale $ 349,050 161,000 $ 2,335,950 3,059,000 $ 50% D Cost per EUP Costs EUP Direct Materiale Conversion Percent Fercent Complete Complete 100% 80% 100% Problem 20-1A (Algo) Part 3 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process Inventory. Note: Round "Cost per EUP" to 2 decimal places. $ 510,050 5,394,950 5,905,000 Conversion 0.00 $ 0.00 50% $50 Total cost 이 0
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