Required information [The following information applies to the questions displayed below] Victory Company uses weighted average process costing. The company has two production processe is added evenly throughout each process. Direct materials are added at the beginning of the first proce 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 Units 78,000 831,000 710,000 199,000 $ 354,510 212,325 2,372,490 4,034,175 Direct Materials Percent Complete 100% 100% Conversion Percent Complete -80% $ 566,835 6,406,665 $ 6,973,500 70% 2. Compute cost per equivalent unit of production for both direct materials and conversion.

Required information [The following information applies to the questions displayed below] Victory Company uses weighted average process costing. The company has two production processe is added evenly throughout each process. Direct materials are added at the beginning of the first proce 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 Units 78,000 831,000 710,000 199,000 $ 354,510 212,325 2,372,490 4,034,175 Direct Materials Percent Complete 100% 100% Conversion Percent Complete -80% $ 566,835 6,406,665 $ 6,973,500 70% 2. Compute cost per equivalent unit of production for both direct materials and conversion.

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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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Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory Cost per equivalent unit 2,190 $ 13.96 870 $ 4.63 A total of 21,900 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (Round your final answers to the nearest whole dollar amount.) Materials Conversion Total 1. Cost of ending work in process inventory 2. Cost of units transferred out Prev 2 of 4 Next > o search 2 Desktop
! 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 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. Direct Materials Conversion Percent Percent Units Complete Complete 100% Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory 77,000 838,000 730,000 185,000 80% 100% 40% Beginning work in process inventory $ 535, 275 160,800 Direct materials Conversion $ 696,075 Costs added this period Direct materials 3,582, 225 3,055, 200 Conversion 6,637,425 Total costs to account for $ 7,333,500 2. Compute cost per equivalent unit of production for both direct materials and conversion. Cost per equivalent unit of production Materials Conversion Total costs Costs…
Pureform, Incorporated, uses the weighted-average method of process costing. It manufactures a product passing through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 650,000 45,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 54,800 Materials $ 725,300 $ 276,175 The beginning work in process inventory was 70% complete for materials and 55% complete for labor and overhead. The ending work in process inventory was 50% complete for materials and 30% complete for labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. Note: Round your answers to 2 decimal places. Labor $…
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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 Cost per equivalent unit of production Costs added this period + Equivalent units of production Cost per equivalent unit of production 4,300 20,500 24,800 3,700 $ 309,760 1,382,724 Materials 309,760 Direct Materials Percent Complete 100% 0 100% 2. Compute cost per equivalent unit of production for both direct materials and conversion. Conversion Percent Complete 40% $ 124,510 1,692,484 $ 1,816,994 Conversion 1,692,484 80% 0
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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 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. Units Beginning work in process inventory Units started this period 67,000 Direct Materials Percent Complete 100% Conversion Percent Complete 80% 844,000 Units completed and transferred out Ending work in process inventory 715,000 196,000 100% 90% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 296,075 133,710 $ 429,785 1,981,425 2,540,490 4,521,915 $ 4,951,700 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…
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