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 Percent Percent Complete Complete 1000 BON Beginning work in process inventory Units started this period Unite completed and transferred out Ending work in process inventory Unita 60,000 820,000 700,000 180,000 1000 305 $ 420,000 139,000 $ 559,000 Beginning work in process Inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 2,220,000 3,254,000 5,474,000 $ 6,033,000 Required: 1. Compute equivalent units of production for both direct materials and conversion Equivalent Units of Production (EUP)-Weighted Average Method Unita % Materials EUP-Materials % Conversion EUP. Conversion 880,000 754000% Total units Prev 1 2 3 of 3 Next > Direct Materials Percent Complete 1000 Conversion Percerit Complete 808 Units 60,000 820,000 700,000 180,000 1000 308 Beginning work in process inventory Units started this period Units completed and transferred out Ending work in proceso inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 420,000 139,000 $ 559,000 2,220,000 3,254,000 5,474,000 $ 6,033,000 2. Compute cost per equivalent unit of production for both direct materials and conversion Cost per equivalent unit of production Costs of beginning work in process Materials Conversion Costs Costs Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production EUP EUP 0 0 Percent Complete 1008 Percent Complete 808 Units 60,000 820,000 700,000 180,000 1008 308 3 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 materiais Conversion Costs added this period Direct materials Conversion Total costs to account for $ 420,000 139,000 $ 559,000 2,220,000 3,254,000 ed 5,474,000 $ 6,033,000 ok at 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work inventory. (Round "Cost per EUP" to 2 decimal places.) nces EUP Cost per EUP Total cost Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total completed and transferred out Ending work in process Direct materials Conversion Total ending work in process Total costs accounted for $ 0.00 $ 0.00 Oo $
