Problem 20-2A Weighted average: Cost per equivalent unit: costs assigned to products C2 C3 Victory Company uses weighted average process costing to account for its production costs. The company has two production processes. Conversion cost is added evenly throughout cach 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 700,000 units of product to the second process. At the end of November, work in process inventory consists of 180,000 units that are 30% complete with respect to conversion. Beginning work in process inventory had $420,000 of direct materials and $139,000 of conversion cost. The direct material cost added in November is $2,220,000, and the conversion cost added is $3,254,000. Beginning work in process consisted of 60,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 60,000 were from beginning work in process and 640,000 units were started and completed during the period. Required For the first process: 1. Determine the equivalent units of production with respect to (a) direct materials and (b) conversion. 2. Compute both the direct material cost and the conversion cost per equivalent unit. 3. Compute the direct material cost and the conversion cost assigned to (@) units completed and trans- ferred out and (b) ending work in process inventory. Check (2) Conversion cost per equivalent unit, $4.50 (36) $783,000