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Chapter 1 6 - Problem Victory Company uses weighted - average process costing to account for its production costs. The company has two production processes.
Chapter Problem Victory Company uses weightedaverage process costing to account for its production costs. 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. During November, the first process transferred units of product to the second process. At the end of November, work in process inventory consists of units that are complete with respect to conversion. Beginning. work in process inventory had $ of direct materials and $ of conversion cost. The direct material cost added in November is $ and the conversion cost added is $ Beginning work in process consisted of units that were complete with respect to direct materials and complete with respect to conversion. Of the units completed, were from beginning work in process and units were started and completed during the period. Required For the first process: Determine the equivalent units of production with respect to a direct materials and b conversion. Compute both the direct material cost and the conversion cost per equivalent unit. Compute the direct material cost and the conversion cost assigned to a units completed and transferred out and b ending work in process inventory.
Chapter Problem
Victory Company uses weightedaverage process costing to account for its production costs. 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.
During November, the first process transferred units of product to the second process. At the end of November, work in process inventory consists of units that are complete with respect to conversion. Beginning. work in process inventory had $ of direct materials and $ of conversion cost. The direct material cost added in November is $ and the conversion cost added is $ Beginning work in process consisted of units that were complete with respect to direct materials and complete with respect to conversion. Of the units completed, were from beginning work in process and units were started and completed during the period.
Required
For the first process:
Determine the equivalent units of production with respect to a direct materials and b conversion.
Compute both the direct material cost and the conversion cost per equivalent unit.
Compute the direct material cost and the conversion cost assigned to a units completed and transferred out and b ending work in process inventory.
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