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 61,000 919,000 Direct Materials Percent Complete 100% Conversion Percent Complete 80% Units completed and transferred out Ending work in process inventory 770,000 210,000 100% 70% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 254,800 206,325 $ 461,125 1,705,200 3,920,175 5,625,375 $ 6,086,500 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. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion EUP Cost per EUP Total cost 770,000 $ 2.00 $ 1,540,000 770,000 Ending work in process Direct materials Conversion Total costs accounted for 210,000 $ 2.00 $ 420,000 147,000 $ 0.00 0 S 420,000 420,000
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 61,000 919,000 Direct Materials Percent Complete 100% Conversion Percent Complete 80% Units completed and transferred out Ending work in process inventory 770,000 210,000 100% 70% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 254,800 206,325 $ 461,125 1,705,200 3,920,175 5,625,375 $ 6,086,500 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. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion EUP Cost per EUP Total cost 770,000 $ 2.00 $ 1,540,000 770,000 Ending work in process Direct materials Conversion Total costs accounted for 210,000 $ 2.00 $ 420,000 147,000 $ 0.00 0 S 420,000 420,000
Chapter5: Process Costing
Section: Chapter Questions
Problem 7PB: The following data show the units in beginning work in process inventory, the number of units...
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Question
vi.1
![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
61,000
919,000
Direct
Materials
Percent
Complete
100%
Conversion
Percent
Complete
80%
Units completed and transferred out
Ending work in process inventory
770,000
210,000
100%
70%
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
$ 254,800
206,325
$ 461,125
1,705,200
3,920,175
5,625,375
$ 6,086,500
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.
Cost assignment-Weighted average
Completed and transferred out
Direct materials
Conversion
EUP
Cost per EUP
Total cost
770,000 $
2.00 $ 1,540,000
770,000
Ending work in process
Direct materials
Conversion
Total costs accounted for
210,000 $
2.00 $
420,000
147,000 $
0.00
0
S
420,000
420,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa22b9814-26af-403b-b5f9-e38794a4a68e%2Fb85be920-5403-45f0-bf3e-f87a92924ccc%2Flqxo07l_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
61,000
919,000
Direct
Materials
Percent
Complete
100%
Conversion
Percent
Complete
80%
Units completed and transferred out
Ending work in process inventory
770,000
210,000
100%
70%
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
$ 254,800
206,325
$ 461,125
1,705,200
3,920,175
5,625,375
$ 6,086,500
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.
Cost assignment-Weighted average
Completed and transferred out
Direct materials
Conversion
EUP
Cost per EUP
Total cost
770,000 $
2.00 $ 1,540,000
770,000
Ending work in process
Direct materials
Conversion
Total costs accounted for
210,000 $
2.00 $
420,000
147,000 $
0.00
0
S
420,000
420,000
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