Victory Company uses weighted average process costing. The company has two production processes. Conversion costis added evenly throughout each process. Direct materials are added at the beginning of the first process. Additionalinformation for the first process follows.Beginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in process inventoryBeginning work in process inventoryDirect materialsConversionCosts added this periodDirect materialsConversionTotal costs to account forCost assignment-Weighted averageCompleted and transferred outDirect materialsConversionEnding work in processDirect materialsConversionTotal costs accounted forUnits60,000820,000EUP700,000180,000$ 420,000139,0002,220,0003,254,000DirectMaterialsCost per EUPPercentComplete100%100%3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in processinventory. (Round "Cost per EUP" to 2 decimal places.)ConversionPercentComplete80%$ 559,0005,474,000$ 6,033,00030%Total cost

Name: Victory Company uses weighted average process costing. The company ha
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Description: Victory Company uses weighted average process costing. The company has two production processes. Conversion costis added evenly throughout each process. Direct materials are added at the beginning of the first process. Additionalinformation for the

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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. 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 60,000 820,000 700,000 180,000 $ 420,000 139,000 2,220,000 3,254,000 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 80% $ 559,000 5,474,000 $ 6,033,000 30%

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 60,000 820,000 700,000 180,000 $ 420,000 139,000 2,220,000 3,254,000 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 80% $ 559,000 5,474,000 $ 6,033,000 30%

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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