Required information [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 Beginning work in process inventory Units started this period 75,000 Direct Materials Percent Complete 100% Conversion Percent Complete 80% 840,000 Units completed and transferred out Ending work in process inventory 725,000 190,000 100% 70% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 416,325 214,500 $ 630,825 2,786,175 4,075,500 6,861,675 $ 7,492,500 Required: 1. Compute equivalent units of production for both direct materials and conversion. Equivalent Units of Production (EUP) - Weighted Average Method Total units Direct Materials Units Percent Complete EUP Percent Complete Conversion EUP ! Required information [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. Direct Materials Conversion Units Beginning work in process inventory Units started this period 75,000 Percent Complete 100% Percent Complete 80% 840,000 Units completed and transferred out Ending work in process inventory 725,000 190,000 100% 70% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 416,325 214,500 $ 630,825 2,786,175 4,075,500 6,861,675 $ 7,492,500 2. Compute cost per equivalent unit of production for both direct materials and conversion. Cost per equivalent unit of production Total costs Equivalent units of production (from part 1) Cost per equivalent unit of production Costs EUP Materials Costs EUP Conversion Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Direct Materials Conversion Units Percent Complete Percent Complete Beginning work in process inventory Units started this period 40,500 161,000 Units completed and transferred out 171,000 Ending work in process inventory 30,500 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 23,400 81,900 $ 105,300 157,950 914,640 1,072,590 $ 1,177,890 Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Complete this question by entering your answers in the tabs below. Required information [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. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 75,000 840,000 725,000 190,000 Direct Materials Percent Complete 100% Conversion Percent Complete 80% 100% 70% $ 416,325 214,500 $ 630,825 2,786,175 4,075,500 6,861,675 $ 7,492,500 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for EUP Cost per EUP Total cost Unit reconciliation: Units to account for: Units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Production Cost Report - Weighted Average Method For Month Ended October 31 Direct Materials Conversion Units % Complete EUP % Complete EUP Costs EUP Direct Materials EUP Cost per EUP Total cost Costs EUP Conversion Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Direct Materials Conversion Beginning work in process inventory Units started this period Units 40,500 161,000 Percent Complete Percent Complete Units completed and transferred out Ending work in process inventory 171,000 30,500 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 23,400 81,900 $ 105,300 157,950 914,640 1,072,590 $ 1,177,890 Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the Cutting department's production cost report for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places.)