Victory Company uses a weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 735,000 units of product to finished goods. At the end of November, the work-in-process inventory consists of 208,000 units that are 80% complete with respect to conversion. Beginning inventory had $551,655 of direct materials and $225,350 of conversion cost. The direct material cost added in November is $3,691,845, and the conversion cost added is $4,281,650. Beginning work in process consisted of 76,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 76,000 were from beginning work in process and 659,000 units were started and completed during the period. Required: Determine the equivalent units of production with respect to direct materials and conversion.

Victory Company uses a weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 735,000 units of product to finished goods. At the end of November, the work-in-process inventory consists of 208,000 units that are 80% complete with respect to conversion. Beginning inventory had $551,655 of direct materials and $225,350 of conversion cost. The direct material cost added in November is $3,691,845, and the conversion cost added is $4,281,650. Beginning work in process consisted of 76,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 76,000 were from beginning work in process and 659,000 units were started and completed during the period. Required: Determine the equivalent units of production with respect to direct materials and conversion.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5PB: Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units...

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