Required information[The following information applies to the questions displayed below.]Victory Company uses weighted average process costing. The company has two production processes. Conversioncost 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 inventoryUnits started this periodUnits completed and transferred outEnding work in process inventoryBeginning work in process inventoryDirect materialsConversionCosts added this periodDirect materialsConversionTotal costs to account forUnits76,00874,000750,000200,000$ 494,00087,0003,306,0001,653,000DirectMaterialsPercentComplete100%100%ConversionPercentComplete80%$ 581,0004,959,000$ 5,540,000Required:1. Compute equivalent units of production for both direct materials and conversion.60%

The objective of the question is to calculate the equivalent units of production for both direct…

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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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! 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
QualCo manufactures a single product in two departments: Cutting and Assembly. Information for the Cutting department for May follows. Beginning work in process inventory Units started and completed 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 Equivalent units of production (EUP) Cost per equivalent unit of production + Equivalent units of production Cost per equivalent unit of production Cost assignment Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for Units EUP Units 37,500 150,000 187,500 51, 250 Required: 1-3. Using the FIFO method, assign May's costs to the units transferred out and assign costs to its ending work in…
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Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to 5599,780 in total. The ending work in process inventory in January consisted of 3,000 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and…
Manji
Baron Corporation has two sequential processing departments: Assembly and Shaping. The Shaping Department reports the following information Conversion costs are applied evenly throughout the process. Beginning WIP Inventory Transferred-in costs in beginning WIP Inventory Direct materials cost in beginning WIP Inventory Conversion costs in beginning WIP Inventory Units transferred-in Transferred-in costs Units completed Costs added: direct materials Costs added: conversion costs Ending WIP Inventory (40% complete for materials and 30% complete for conversion) The total cost of units in ending WIP Inventory-Shaping would be closest to A. $54,720. OB. $341,400. OC. $54,728. to $235,000 9,000 units $113,200 $29.500 $22,750 56,000 units $541,300 47,000 $171,120 $249,570 18,000 units
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