Problem 20-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3

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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 740,000 units of product to finished goods. At the end of November, the goods in process inventory consists of 204,000 units that are 80% complete with respect to labor. Beginning inventory had $306,800 of direct materials and $203,220 of direct labor cost. The direct material cost added in November is $2,053,200, and the direct labor cost added is $3,861,180.

1. Determine the equivalent units of production with respect to direct labor and direct materials. Equivalent units of production (EUP)- weighted average method EUP- Labor Units Materials EUP. Materials Labor Total units 2. Compute both the direct labor cost and the direct materials cost per equivalent unit. (Round "Cost per EUP" to 2 decimal places.) Cost per equivalent unit of production Materials Labor Total costs Costs Costs EUP Equivalent units of production EUP 0 0 Cost per equivalent unit of production (rounded to 2 decimals) 3. 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.) Cost per Total cost EUP Cost of units transferred out EUP Direct materials Direct labor Total costs transferred out Cost per Total cost EUP Costs of ending goods in process EUP Direct materials Direct labor Total cost of ending goods in process Total costs accounted for