Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 725,000 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 201,000 units that are 70% complete with respect to conversion. Beginning work in process inventory had $481,520 of direct materials and $173,140 of conversion cost. The direct material cost added in November is $3,222,480, and the conversion cost added is $3,289,660. Beginning work in process consisted of 71,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 71,000 were from beginning work in process and 654,000 units were started and completed during the period.

image text in transcribed

please help

complete with respect to direct materials an respect to conversion. Of the units completed, 71,000 were from beginning work in process a started and completed during the period 3. Compute the direct material cost and the conversion cost assigned to units completed and transf process inventory. (Round "Cost per EUP to 2 decimal places.) Cost of units transferred out EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process Total cost EUP Cost per EUP Direct materials S 0.00 0 0 00 Conversion Total costs of ending work in process Total costs accounted for Next of 5 5

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

2001 Miller Local Government Audits

Authors: Rhett D. Harrell

1st Edition

015607219X, 978-0156072199

More Books

Students also viewed these Accounting questions