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 Units 78,000 876,000 760,000 194,000 $ 496,080 87,640 3,319,920 1,665, 160 Direct Materials Percent Complete. 100% 100% $ 583,7: 4,985,0 $5,568,80 2. Compute cost per equivalent unit of production for both direct materials and conversion.

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 Units 78,000 876,000 760,000 194,000 $ 496,080 87,640 3,319,920 1,665, 160 Direct Materials Percent Complete. 100% 100% $ 583,7: 4,985,0 $5,568,80 2. Compute cost per equivalent unit of production for both direct materials and conversion.

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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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