Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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 During November, the first process transferred 740,000 units of product to the second process. Additional information for the first process follows At the end of November, work in process inventory consists of 192,000 units that are 50% complete with respect to conversion: Beginning work in process inventory had $605 800 of direct materials and $83,600 of conversion cost. The direct material cost added in November is $4.054,200, and the conversion cost added is $1.588.400. Beginning work in process consisted of 66,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion of the units completed, 66,000 were from beginning work in process and 674,000 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Excel Para Auditores Aplicando Excel A La Auditoria

Authors: Antonio P. Peralta C.

1st Edition

9945803697, 978-9945803693

More Books

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago

Question

General Purpose of Your Speech Analyzing Your Audience

Answered: 1 week ago

Question

Ethical Speaking: Taking Responsibility for Your Speech?

Answered: 1 week ago