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. Direct Materials Conversion Units Percent Complete Percent Complete Beginning work in process inventory Units started this period 60,000 100% 80% 820,000 Units completed and transferred out Ending work in process inventory 700,000 180,000 100% 30% process Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 420,000 139,000 $ 559,000 2,220,000 3,254,000 5,474,000 $ 6,033,000 Required: 1. Compute equivalent units of production for both direct materials and conversion. Equivalent Units of Production (EUP) - Weighted Average Method Total units Direct Materials Units Percent Complete EUP Percent Complete Conversion EUP

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. Direct Materials Conversion Units Percent Complete Percent Complete Beginning work in process inventory Units started this period 60,000 100% 80% 820,000 Units completed and transferred out Ending work in process inventory 700,000 180,000 100% 30% process Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 420,000 139,000 $ 559,000 2,220,000 3,254,000 5,474,000 $ 6,033,000 Required: 1. Compute equivalent units of production for both direct materials and conversion. Equivalent Units of Production (EUP) - Weighted Average Method Total units Direct Materials Units Percent Complete EUP Percent Complete Conversion EUP

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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