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 process. During November, the company transferred 700,000 units of product to finished goods. At the end of November, the work in process inventory consists of 180,000 units that are 30% complete with respect to conversion. Beginning 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: 1. Determine the equivalent units of production with respect to direct materials and conversion.

Equivalent Units of Production (EUP)- Weighted Average Method
	Units	% Materials	EUP- Materials	% Conversion	EUP-Conversion
Units completed and transferred out		100%
Ending work in process - units		100%
Total units

2. Compute both the direct material cost and the conversion cost per equivalent unit.

Cost per equivalent unit of production		Materials		Conversion
Total costs	Costs		Costs
Equivalent units of production	EUP		EUP
Cost per equivalent unit of production (rounded to 2 decimals)		0		0

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.)

Cost of units transferred out:	EUP	Cost per EUP	Total cost
Direct materials
Conversion
Total costs transferred out
Costs of ending work in process	EUP	Cost per EUP	Total cost
Direct materials		$0.00	$0
Conversion		$0.00	0
Total costs of ending work in process
Total costs accounted for