Question
Required information Skip to question [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two
Required information
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[The following information applies to the questions displayed below.]
Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows.
| Units | Direct Materials | Conversion | |
|---|---|---|---|
| Percent Complete | Percent Complete | ||
| Beginning work in process inventory | 69,000 | 100% | 80% |
| Units started this period | 908,000 | ||
| Units completed and transferred out | 770,000 | ||
| Ending work in process inventory | 207,000 | 100% | 60% |
| Beginning work in process inventory | ||
|---|---|---|
| Direct materials | $ 635,050 | |
| Conversion | 223,550 | $ 858,600 |
| Costs added this period | ||
| Direct materials | 4,249,950 | |
| Conversion | 4,247,450 | 8,497,400 |
| Total costs to account for | $ 9,356,000 |
Required:
1. Compute equivalent units of production for both direct materials and conversion.
2--Required information
Skip to question
[The following information applies to the questions displayed below.]
Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows.
| Units | Direct Materials | Conversion | |
|---|---|---|---|
| Percent Complete | Percent Complete | ||
| Beginning work in process inventory | 69,000 | 100% | 80% |
| Units started this period | 908,000 | ||
| Units completed and transferred out | 770,000 | ||
| Ending work in process inventory | 207,000 | 100% | 60% |
| Beginning work in process inventory | ||
|---|---|---|
| Direct materials | $ 635,050 | |
| Conversion | 223,550 | $ 858,600 |
| Costs added this period | ||
| Direct materials | 4,249,950 | |
| Conversion | 4,247,450 | 8,497,400 |
| Total costs to account for | $ 9,356,000 |
2. Compute cost per equivalent unit of production for both direct materials and conversion.
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The ASQ Auditing Handbook
Authors: J. P. Russell,
4th Edition
0873898478, 978-0873898478
