Question

O Required information [The following information applies to the questions displayed below.) 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 770,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 209,000 units that are 90% complete with respect to conversion. Beginning work in process inventory had $190,905 of direct materials and $143,715 of conversion cost. The direct material cost added in November is $1,277,595, and the conversion cost added is $2,730,585. Beginning work in process consisted of 73,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 73,000 were from beginning work in process and 697,000 units were started and completed during the period. 3. Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Cost per EUP Total cost EUP Cost of units transferred out: Direct materials Conversion Total costs transferred out Cost per EUP EUP Total cost $ 0.00 $ 0 $ 0.00 0 Costs of ending work in process Direct materials Conversion Total costs of ending work in process Total costs accounted for

Answer 1

Equivlent Units of Poduction (EUP)-Weighted verge Method
	Units	Materials (%)	EUP -Materials	Conversion(%)	EUP-Conversion
Unit completed and Transferred out	770000	100	770000	100	770000
Ending work in process unit	209000	100	209000	90	188100
Equivalent Units of Poduction	979000		979000		958100
Cost per Equivlent unit of Production
			Material		Conversion
Cost of beginning work in process			$                 190905		$                      143715
cost incurred this period			$                1277595		$                    2730585
Total cost                                      (A)			$                1468500		$                     2874300
Equivlents of production    (B)		EUP	979000		958100
Cost of equivalent unit of production (A/B)			$                    1.5		$                              3
Cost of unit Transferred out	EUP	Cost per EUP($)	Totl cost($)
Direct Mterils	770000	1.5	11,55,000.00
Conversion	770000	3	23,10,000.00
Total Cost Tranferred out         (A)			34,65,000.00
Cost Ending Work in process	EUP	Cost per EUP($)	Totl cost($)
Direct Materials	209000	1.5	313500
Conversion	188100	3	564300
Total Cost Ending Work in process   (B)			877800
Total cost ccounted for    (A + B)			43,42,800.00