Required information

Problem 20-2A 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 740,000 units of product to finished goods. At the end of November, the work in process inventory consists of 186,000 units that are 60% complete with respect to conversion. Beginning inventory had $240,760 of direct materials and $191,610 of conversion cost. The direct material cost added in November is $1,611,240, and the conversion cost added is $3,640,590. Beginning work in process consisted of 76,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 76,000 were from beginning work in process and 664,000 units were started and completed during the period.

Problem 20-2A Part 1

1. Determine the equivalent units of production with respect to direct materials and conversion.

Problem 20-2A Part 2

2. Compute both the direct material cost and the conversion cost per equivalent unit.

Problem 20-2A 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.)

Equivalent Units of Production (EUP)- Weighted Average Method EUP- Conversion Units % Materials EUP-Materials | % Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Total costs Costs Equivalent units of production EUP EUP Cost per equivalent unit of production (rounded to 2 decimals Cost per EUP Cost of units transferred out: Total cost Direct materials Conversion Total costs transferred out Cost perTotal cost Costs of ending work in process EUP EUP Direct materials Conversion Total cost of ending work in process Total costs accounted for