! 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. 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 Cost per equivalent unit of production Units Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production 67,000 893,000 770,000 190,000 $ 499,200 88,400 3,340,800 1,679,600 Direct Materials Percent Complete 100% 100% Costs EUP Conversion Percent Complete 80% $ 587,600 2. Compute cost per equivalent unit of production for both direct materials and conversion. 5,020,400 $ 5,608,000 60% Materials 0 Costs EUP Conversion 0

! 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. 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 Cost per equivalent unit of production Units Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production 67,000 893,000 770,000 190,000 $ 499,200 88,400 3,340,800 1,679,600 Direct Materials Percent Complete 100% 100% Costs EUP Conversion Percent Complete 80% $ 587,600 2. Compute cost per equivalent unit of production for both direct materials and conversion. 5,020,400 $ 5,608,000 60% Materials 0 Costs EUP Conversion 0

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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 cost is 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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Assign costs to units completed (and transferred out) and to units in ending work in process.
4.
Intask Corporation uses the FIFO method in its process costing system. Beginning inventory in the mixing department consisted of 6,400 units that were 75% complete with respect to conversion costs. Ending work in process inventory consisted of 5,400 units that were 60% complete with respect to conversion costs. If 12,800 units were transferred to the next processing department during the period, the equivalent units of production for conversion cost would be: Multiple Choice O 13,400 units 11,240 units 14,400 units 13,800 units
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Subject: acounting
! Required information [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Units Beginning work in process inventory Units started this period 4,350 Percent Percent Complete Complete 100% 40% 31,320 Units completed and transferred out 32,190 Ending work in process inventory 3,480 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials $ 28,710 321,813 $ 350,523 Conversion 720,360 3,140,613 3,860,973 Total costs to account for $ 4,211,496 Required: 1. Prepare the Forming department's production cost report for May using the weighted average method. 2. Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly.
! 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. 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 Cost per equivalent unit of production Units Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production 67,000 893,000 770,000 190,000 $ 499,200 88,400 3,340,800 1,679,600 Direct Materials Percent Complete 100% 100% Costs EUP Conversion Percent Complete 80% $ 587,600 2. Compute cost per equivalent unit of production…
Question: Ebony Company uses the weighted-average method of process costing to assign production costs to the products. Information for April follows. Assume that all materials are added at the beginning of the production process, and that direct labor and factory overhead are added uniformly throughout the process. Complete a process cost summary using the following sections: Beginning WIP Units completed and transferred Units Material Conversion 5000 50000 100000 20000 250000 500000 Ending WIP 80% complete with 7000 respect to conversion and 100% for materials 1. Costs charged to production 2. Unit cost information 3. Equivalent units of production 4. Cost per Equivalent unit of production
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
7. Using the following terms, complete the production cost report shown below: Ending work in process Total costs to account for Cost per equivalent unit Units started into production Manufacturing Overhead Beginning work in process Total units accounted for Raw Materials Inventory Transferred in costs Incurred during the period Completed and transferred out Total costs accounted for Finished Goods Inventory Equivalent units Total units to account for Materials are added at the beginning of the production process and ending work in process inventory is 80% complete with regard to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Cost to Account For Beginning inventory: materials $ 25,000 Beginning inventory: conversion 30,500 Direct materials 2,000 Direct labor 45,000 Applied overhead…