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 705,000 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 184,000 units that are 50% complete with respect to conversion. Beginning work in process inventory had $288,925 of direct materials and $59,775 of conversion cost. The direct material cost added in November is $1,933,575, and the conversion cost added is $1,135,725. Beginning work in process consisted of 65,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 65,000 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.

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

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.)

Equivalent Units of Production (EUP)-Weighted Average Method Units % Materials EUP- Materials % Conversion EUP-Conversion Total units Cost per equivalent unit of production ! Materials Conversion Costs Costs Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) EUP EUP EUP Cost per EUP Total cost Cost of units transferred out: Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials Conversion Total costs of ending work in process Total costs accounted for