Chapter 7, Problem 30P

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General Accounting Question

Victory Company uses a weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 800,000 units of product to finished goods. At the end of November, the work-in-process inventory consists of 208,000 units that are 80% complete with respect to conversion. Beginning Inventory had $393,120 of direct materials and $193,280 of conversion cost. The direct material cost added in November is $2,630,880, and the conversion cost added is $3,672,320. Beginning work in the process consisted of 60,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 60,000 were beginning work in process and 740,000 units were started and completed during the period. Determine the equivalent units of production with respect to direct materials and conversion.

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How is the accounting equation affected when a partner withdraws cash? A. Liabilities decrease and assets increase; equity is not affected. B. Assets increase and equity decreases; liabilities are not affected. C. Both equity and assets decrease; liabilities are not affected. D. Both assets and liabilities decrease; equity is not affected.

What is the cost of goods sold for the year on these general accounting question?

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