ER 16 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 process. During November, the company transferred 745,000 units of product to finished goods. At the end of November, the work in process inventory consists of 198,000 units that are 90% complete with respect to conversion. Beginning inventory had $429,065 of direct materials and $184,640 of conversion cost. The direct material cost added in November is $2,871,435, and the conversion cost added is $3.508160. Beginning work in process consisted of 63,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 63,000 were from beginning work in process and 682,000 units were started and completed during the period. Required 1. Determine the equivalent units of production with respect to direct materials and conversion. of Units als EUP-Materials | % Co ion EUP Total units Prev 1 2 3 of 5 Next > The following information applies to the questions displayed below) Victory Company uses 745,000 units of product to finished goods. At the end of November, the work in process Inventory 5 of direct of 198,000 units that are 90% complete with respect to c Beginning inventory had materials and $184,640 of conversion cost. The direct cost added in cost added is $3,508160. Beginning work in process consisted of 63,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 63,000 were from beginning work EUP EUP to K Prev 2 3 of 5 Next > 16 3 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 process. During Novem company transferred 745,000 units of product to finished goods. At the end of November, the work in process inventory consists of 198,000 units that are 90% complete with respect to c materials and $184,640 of co cost added is $3,508,160. Beginning work in process consisted of 63,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 63,000 were from beginning work in process and 682,000 units were started and completed during the period. rt 3 of 3 Beginning Inventory had $429,065 of direct n cost. The direct material cost added in November is $2,871,435, and the conversion 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) References Cost per EUP Cost of units transferred out EUP Total cost out EUP EUP 3 of 5 Next> for 10 Units EUP unit of to 2 4-5 of 5 Next > 13 16 4 EUP Total cost 10 inventory EUP Total cost Print EUP EUP EUP 16 Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 30,700 units of product to finished goods inventory. Its 4,700 units of beginning work in process consisted of $140,275 of direct materials and $982,152 of conversion costs. It has 3,250 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $640,575 of direct material costs and $3,280,248 of conversion costs were charged to production. Beginning work in process consisted of 4700 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion. Of the 30,700 units completed, 4,700 were from beginning work in process. The remaining 26,000 were units started Assume that Tamar uses the FIFO method to account for its process costing system. 2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory View transaction list Journal entry worksheet Record the transfer of goods to finished goods inventory. Part 2 of 2 Journal entry worksheet Next