Question

Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...


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 755,000 units of product to finished goods. At the end of November, the work in process inventory consists of 199,000 units that are 50% complete with respect to conversion. Beginning inventory had $558,090 of direct materials and $128,175 of conversion cost. The direct material cost added in November is $3,734,910, and the conversion cost added is $2,435,325. Beginning work in process consisted of 67,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 67,000 were from beginning work in process and 688,000 units were started and completed during the period.

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)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
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 755,000 units of product to finished goods. At the end of November, the work in process inventory consists of 199,000 units that are 50% complete with respect to conversion. Beginning inventory had $558,090 of direct materials and $128,175 of conversion cost. The direct material cost...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
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 810,000 units of product to finished goods. At the end of November, the work in process inventory consists of 197,000 units that are 90% complete with respect to conversion. Beginning inventory had $392,730 of direct materials and $123,413 of conversion cost. The direct material cost...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
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 810,000 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 198,000 units that are 60% complete with respect to conversion. Beginning work in process inventory had $458,640...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
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 795,000 units of product to finished goods. At the end of November, the work in process inventory consists of 186,000 units that are 40% complete with respect to conversion. Beginning inventory had $510,120 of direct materials and $65,205 of conversion cost. The direct material cost...
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted-average process...
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 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...
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products....
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for the company's first production process September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (1,500 units, 100% complete with respect to direct materials, 70% complete with respect to conversion; consists of $45,800 of direct materials cost, $84,695 conversion cost $...
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products....
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for the company's first production process September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (1,500 units, 100% complete with respect to direct materials, 70% complete with respect to conversion; consists of $45,800 of direct materials cost, $84,695 conversion cost $...
The direct materials are added at the start of the production process while conversion costs are...
The direct materials are added at the start of the production process while conversion costs are added uniformly throughout the production process. September is the first month of operations, and therefore, there was no beginning inventory. Direct materials cost for the month totaled $3,100,000, while conversion costs equaled $3,648,000. Accounting records indicate that 3,100,000 valves were started in September and 3,000,000 valves were completed. Ending inventory was 40% complete as to conversion costs. a. What is the direct materials cost...
The Aniquilado Company uses process costing and has several production departments. Aniquilado uses the weighted average...
The Aniquilado Company uses process costing and has several production departments. Aniquilado uses the weighted average method. In the firm's first production department, all direct are added when the units are 50% complete with respect to conversion costs. The firm has the following inventory information. BWIP units (75% complete with respect to conversion costs): 5,000 Units completed: 150,000 EWIP units (40% complete with respect to conversion costs): 10,000 This period, the firm has calculated the following cost per equivalent unit...
LiPari Company uses the FIFO method of process costing to account for the costs of its...
LiPari Company uses the FIFO method of process costing to account for the costs of its product. There are two processes, Department 1 and Department 2. Processing starts in Department 1 and moves from there to Department 2, at which point the product is complete. All materials are added at the beginning of both departments. In Department 1, there was beginning work in process of 3,000 units, 40% complete with respect to conversion. 4,000 units of were in ending work...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT