Question
Please find the following for the below statement: Compute both the direct labor cost and the direct materials cost per equivalent unit AND Compute both
Please find the following for the below statement: Compute both the direct labor cost and the direct materials cost per equivalent unit AND Compute both direct labor cost and direct materials cost assigned to units completed and transferred out and ending goods in process inventory. (Round "Cost per EUP" to 2 decimal places.) TABLES ARE DISPLAYED BELOW STATEMENT.
Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 715,000 units of product to finished goods. At the end of November, the goods in process inventory consists of 210,000 units that are 70% complete with respect to labor. Beginning inventory had $601,250 of direct materials and $150,850 of direct labor cost. The direct material cost added in November is $4,023,750, and the direct labor cost added is $2,866,150.
Cost per equivalent unit of production | Materials | Labor | |||
? | |||||
? | |||||
Total Costs | Costs EUP | Costs EUP | |||
+ Equivalent units of production | |||||
Cost per equivalent units of production (rounded to 2 decimals) |
Within the two (2) question marked (?) boxes above, please select two (2) of the following four (4) choices: 1) Cost transferred out, 2) Cost incurred this period, 3) Cost of ending goods in process, 4) Cost of beginning goods in process.
Cost of units transferred out | EUP | COST PER EUP | TOTAL COST | |
Direct material | ||||
Direct labor | ||||
Total cost transferred out | ||||
Cost of ending goods in process | EUP | COST PER EUP | TOTAL COST | |
Direct material | $ | |||
Direct labor | $ | |||
Total goods of ending goods in process | ||||
Total goods accounted for | ||||
In advance, thank you for your prompt answer.
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