Problem 16-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3 [The...

Problem 16-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3

[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 740,000 units of product to finished goods. At the end of November, the work in process inventory consists of 191,000 units that are 70% complete with respect to conversion. Beginning inventory had $544,635 of direct materials and $218,425 of conversion cost. The direct material cost added in November is $3,644,865, and the conversion cost added is $4,150,075. Beginning work in process consisted of 70,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 70,000 were from beginning work in process and 670,000 units were started and completed during the period.

Problem 16-2A Part 3

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.)

EUP Cost per EUP Total cost

Cost of units transferred out:

Direct materials

Conversion

Total costs transferred out

Cost of ending work in process

Direct materials

Conversion

Total cost of ending work in process

Total costs accounted for

Solutions

Expert Solution

The answer has been presented in the supporting sheets. All the parts has been solved with detailed explanation and format .For detailed answers refer to the supporting sheets.

ekkarill92 answered 2 months ago

Next > < Previous

Related Solutions

Problem 20-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3 [The...

Problem 20-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3 [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 730,000 units of product to finished goods. At the end of November, the work in process inventory consists of 183,000 units...

Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 Fast Co. produces...

Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and conversion costs are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory account has a balance of $95,300 as of October 1, which consists of $20,400 of direct materials and $74,900 of conversion costs....

Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 Fast Co. produces...

Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and conversion costs are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory account has a balance of $104,300 as of October 1, which consists of $23,100 of direct materials and $81,200 of conversion costs....

Problem 20-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3, P4 [The...

Problem 20-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3, P4 [The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 23,200 units of product to finished goods inventory. Its 3,200 units of beginning work in process consisted of $20,000 of...

Problem 20-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3, P4 Tamar...

Problem 20-4A Weighted average: Process cost summary, equivalent units, cost estimates LO C2, C3, P4 Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 29,200 units of product to finished goods inventory. Its 4,400 units of beginning work in process consisted of $21,200 of direct materials and $284,940 of conversion costs. It has...

Problem 20-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 Fast Co. produces...

Problem 20-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4 Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and conversion costs are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory account has a balance of $98,100 as of October 1, which consists of $21,000 of direct materials and $77,100 of conversion costs....

Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The...

Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The following information applies to the questions displayed below.] Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 23,000 units to the blending department. Of the...

Problem 20-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The...

Problem 20-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The following information applies to the questions displayed below.] Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 25,800 units to the blending department. Of the...

Exercise 4-3 Cost Per Equivalent Unit-Weighted-Average Method [LO4-3] Superior Micro Products uses the weighted-average method in...

Exercise 4-3 Cost Per Equivalent Unit-Weighted-Average Method [LO4-3] Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 40,600 $ 68,409 $ 331,872 Cost added during May $ 246,530 $ 45,606 $ 221,248 Equivalent units of production 3,400 3,300 3,200 Required: 1. Compute the cost per equivalent unit for materials, for labor, and for overhead. (Round your answers to 2...

Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 [The following...

Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 [The following information applies to the questions displayed below.] Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 23,700 units of product to finished goods inventory. Its 3,300 units of beginning work in process consisted of $93,945 of direct...

Subjects