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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 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 Units 80,000 891,000 Percent Complete 100% Percent Complete 80% 765,000 206,000 100% 50% $ 441,805 108,500 $ 550,305 2,956,695 2,061,500 5,018,195 Total costs to account for $ 5,568,500 Problem 20-1A (Algo) Part 1 @equired: Compute equivalent units of production for both direct materials and conversion. Equivalent Units of Production (EUP) - Weighted Average Method Total units Units Direct Materials 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 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 Units 80,000 891,000 Percent Complete 100% Percent Complete 80% 765,000 206,000 100% 50% $ 441,805 108,500 $ 550,305 2,956,695 2,061,500 5,018,195 Total costs to account for $ 5,568,500 Problem 20-1A (Algo) Part 1 @equired: Compute equivalent units of production for both direct materials and conversion. Equivalent Units of Production (EUP) - Weighted Average Method Total units Units Direct Materials Percent Complete EUP Percent Complete Conversion EUP

FINANCIAL ACCOUNTING
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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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 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 Units 80,000 891,000 Percent Complete 100% Percent Complete 80% 765,000 206,000 100% 50% $ 441,805 108,500 $ 550,305 2,956,695 2,061,500 5,018,195 Total costs to account for $ 5,568,500 Problem 20-1A (Algo) Part 1 @equired: Compute equivalent units of production for both direct materials and conversion. Equivalent Units of Production (EUP) - Weighted Average Method Total units Units Direct Materials Percent Complete EUP Percent Complete Conversion EUP
Transcribed Image Text: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 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 Units 80,000 891,000 Percent Complete 100% Percent Complete 80% 765,000 206,000 100% 50% $ 441,805 108,500 $ 550,305 2,956,695 2,061,500 5,018,195 Total costs to account for $ 5,568,500 Problem 20-1A (Algo) Part 1 @equired: Compute equivalent units of production for both direct materials and conversion. Equivalent Units of Production (EUP) - Weighted Average Method Total units Units Direct Materials Percent Complete EUP Percent Complete Conversion EUP
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