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 beginningof the first process. Additional information for the first process follows.DirectMaterialsConversionPercentPercentUnitsCompleteCompleteBeginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in process inventory61,000858,000730,000189,000100%80%100%60%Beginning work in process inventory$ 418,145147,595Direct materialsConversion$ 565,740Costs added this periodDirect materials2,798,3555,602,660$ 6,168,400Conversion2,804,305Total costs to account for 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work inprocess inventory. (Round "Cost per EUP" to 2 decimal places.)Cost assignment-Weighted averageCompleted and transferred outEUPCost per EUPTotal costDirect materialsConversionEnding work in processDirect materialsConversionTotal costs accounted for

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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 cost is added evenly throughout each process. Direct

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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 Percent Percent Complete 100% Complete 80% Units Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory 61,000 858,000 730,000 189,000 100% 60% Beginning work in process inventory $ 418,145 147,595 Direct materials Conversion $ 565,740 Costs added this period Direct materials 2,798,355 2,804,305 5,602,660 $ 6,168,400 Conversion Total costs to account for

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 Percent Percent Complete 100% Complete 80% Units Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory 61,000 858,000 730,000 189,000 100% 60% Beginning work in process inventory $ 418,145 147,595 Direct materials Conversion $ 565,740 Costs added this period Direct materials 2,798,355 2,804,305 5,602,660 $ 6,168,400 Conversion Total costs to account for

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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