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Required information [The following information applies to the questions displayed below) Victory Company uses weighted average process costing to account for its production costs. Conversion

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Required information [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 first process. Additional information for the first process follows. During November, the first process transferred 700,000 units of product to the second process. At the end of November, work in process inventory consists of 180,000 units that are 30% complete with respect to conversion. Beginning work in process 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 Required: For the first process: 1. Determine the equivalent units of production with respect to direct materials and conversion Equivalent Units of Production (EUP)-Weighted Average Method Units % Materials EUPMaterials % Conversion EUP. Conversion Units completed and transferred out 700,000 100% 700,000 100% 700,000 Ending work in process units 180,000 100% 180,000 30% Total units 880.000 880,000 Required information [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 first process. Additional information for the first process follows During November, the first process transferred 700,000 units of product to the second process. At the end of November, work in process inventory consists of 180,000 units that are 30% complete with respect to conversion. Beginning work in process 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. 2. Compute both the direct material cost ond the conversion cost per equivalent unit. Cost per equivalent unit of production Materials Conversion Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Costs EUP Costs EUP 0 0 [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 first process. Additional information for the first process follows: During November, the first process transferred 700,000 units of product to the second process. At the end of November, work in process inventory consists of 180,000 units that are 30% complete with respect to conversion Beginning work in process 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. 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.) EUP Cost per EUP Total cost Cost of units transferred out Direct materials Conversion Total cost transferred out Costs of ending work in process Direct materials Conversion Total costs of ending work in process Total costs accounted for EUP Cost per EUP Total cost

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