Question

8 Part 1 of 3 Required information Problem 20-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3 [The following information applies to the questions displayed below.] 1 points Victory Company uses 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 first process. During November, the first process transferred 740,000 units of product to the second process. Additional information for the first process follows. eBook At the end of November, work in process inventory consists of 189,000 units that are 50% complete with respect to conversion. Beginning work in process inventory had $301,925 of direct materials and $104,313 of conversion cost. The direct material cost added in November is $2,020,575, and the conversion cost added is $1,981,937. Beginning work in process consisted of 64,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 64,000 were from beginning work in process and 676,000 units were started and completed during the period. Print References Problem 20-2A Part 1 Required: For the first process: 1. Determine the equivalent units of production with respect to direct materials and conversion. Equivalent Units of Production (EUP)- Weighted Average Method Units % Materials EUP- Materials % Conversion EUP-Conversion Total units

Please answer all three parts of the question, as they are all apart of one question.

Answer 1

Solution: Page! Requirement ut lo Equiment Units of Producten (EUP) - Wrighted Average Method "Yo EUP- Units % Materials EUP-Materials Conversion Conversion Units completed and 740,000 100% 740,000 100% 740,000 transferred out Ending block in 189,000 100% 189,000 50% | 94,500 Process- Units Total Units 924,000 429,000 834,500 Requirement 2 Cost per quinatent units of production Materials Conversion $301,925 $104,313 Cost of beginning work in process Lost incurred this period $2020,575 $1981937 Total Costs lasts $2322,500 Cats $2,086250 & Equivalent units of EUP 929,000 834,500 production last per equivalent units $2.50 $2.50 EUP of production

Page? Requiremant 3 Cost per Cost of units transferred out EUP EUR Total Cat Direct Materials 740,000 $2.50 $18.50,000 Conversion 740,000 $2.50 $1850,000 $3,700,000 Total costs transfered out lastper last of ending work in process: EUP EUP Total Cost Dirut Materials 189,000 $2.50 $472,500 Conversion 94,500 $2.50 $236,250 |$708,750 in process Total costs accounted for $4.408,750 Total cats of ending work f