Required information Problem 16-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3 [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 700,000 units of product to finished goods. At the end of November, the work in process inventory consists of 180,000 units that are 30% complete with respect to conversion. Beginning 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. Problem 16-2A Part 1 Required: 1. Determine the equivalent units of production with respect to direct materials and conversion. Answer is complete and correct. Equivalent Units of Production (EUP)- Weighted Average Method % EUP. % Units Materials Materials Conversion Units completed and transferred out 700,000 100% 700,000 100% Ending work in process - units 180,000 100% 180,000 30% Total units 880,000 880,000 EUP- Conversion 700,000 54,000 754,000 Problem 16-2A Part 2 2. Compute both the direct material cost and the conversion cost per equivalent unit. Cost per equivalent unit of production Materials Conversion Total costs Costs Costs EUP EUP - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) 0 0 Problem 16-2A Part 3 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.) Cost per Cost of units transferred out: EUP Total cost EUP Direct materials Conversion Total costs transferred out Cost per Costs of ending work in process EUP Total cost EUP Direct materials Conversion Total costs of ending work in process Total costs accounted for