! 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 assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units 73,000 831,000 710,000 194,000 EUP $352,560 165,280 2,359,440 3,140,320 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 per EUP $ Direct Materials Percent Complete 100% 55 $ 100% Conversion Percent Complete 80% $ 517,840 5,499,760 $ 6,017,600 0.00 $ 0.00 60% Total cost 0 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 assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units 73,000 831,000 710,000 194,000 EUP $352,560 165,280 2,359,440 3,140,320 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 per EUP $ Direct Materials Percent Complete 100% 55 $ 100% Conversion Percent Complete 80% $ 517,840 5,499,760 $ 6,017,600 0.00 $ 0.00 60% Total cost 0 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 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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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…
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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…
Required information [The following information applies to the questions displayed below.] 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 4,300 20,500 24,800 3,700 $ 309,760 1,382,724 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 124,510 1,692,484 $ 1,816,994 80%
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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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Equivalent Units; Cost per Equivalent Unit; Assigning Costs to Units—Weighted-Average Method Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Required: 1. Calculate the first production department’s equivalent units of production for materials and conversion for May. 2. Compute the first production department’s cost per equivalent unit for materials and conversion for May. 3. Compute the first production department’s cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the first production department’s cost of the units transferred to the next production department for materials, conversion, and in total for May.
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