Problem 20-1A Weighted average: Cost per equivalent unit; costs assigned to products P1 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 Conversion Costs added this period Direct materials Beginning work in process inventory Direct materials Conversion Total costs to account for Unit 60,000 820,000 700,000 180,000 Check (2) Conversion cost per equivalent unit, $4.50 Direct Materials Percent Complete Percent Complete 100% 100% $420,000 Conversion 139,000 $559,000 Required 1. Compute equivalent units of production for both direct materials and conversion. 2. Compute cost per equivalent unit of production for both direct materials and conversion. 2,220,000 3,254,000 5,474,000 $6,033,000 80% 30% 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Page 760

Problem 20-1A Weighted average: Cost per equivalent unit; costs assigned to products P1 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 Conversion Costs added this period Direct materials Beginning work in process inventory Direct materials Conversion Total costs to account for Unit 60,000 820,000 700,000 180,000 Check (2) Conversion cost per equivalent unit, $4.50 Direct Materials Percent Complete Percent Complete 100% 100% $420,000 Conversion 139,000 $559,000 Required 1. Compute equivalent units of production for both direct materials and conversion. 2. Compute cost per equivalent unit of production for both direct materials and conversion. 2,220,000 3,254,000 5,474,000 $6,033,000 80% 30% 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Page 760

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Description: E 3McGrawHillconnect®Problem 20-1A Weighted average: Cost per equivalent unit; costs assigned to products P1Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly

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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Units to be Assigned Costs Question 11 Eve Cosmetics Company consists of two departments, Blending and Filling. The Filling Department received 51,800 ounces from the Blending Department. During the period, the Filling Department completed 53,200 ounces, including 3,500 ounces of work in process at the beginning of the period. The ending work in process inventory was 2,100 ounces. How many ounces were started and completed during the period?fill in the blank 1 ounces
Saved Help Save & Exis A company has two manufacturing departments, Forming and Painting. The company uses the weighted-average method and it reports the following data. Units completed in the Forming department are transferred to the Painting department. Units 52 Units completed and transferred out Ending work in process inventory 120,000 40,000 Direct materials Percent Complete 100% Conversion Percent Complete 100% 20% 60% Determine the equivalent units of production for the Forming department for direct materials and conversion costs assuming the weighted average method. Multiple Choice 120,000 direct materials; 120,000 conversion 120,000 direct materials; 160,000 conversion 128,000 direct materials; 120,000 conversion 128,000 direct materials; 144,000 conversion 128,000 direct materials; 184,000 conversion
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