Question
In: Finance
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 715,000
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
$297,050 of direct materials and $61,088 of conversion cost. The
direct material cost added in November is $1,987,950, and the
conversion cost added is $1,160,662. 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
644,000 units were started and completed during the period.
Required:
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.)
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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 740,000
units of product to finished goods. At the end of November, the
work in process inventory consists of 202,000 units that are 50%
complete with respect to conversion. Beginning inventory had
$306,150 of...
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 800,000
units of product to finished goods. At the end of November, the
work in process inventory consists of 191,000 units that are 50%
complete with respect to conversion. Beginning inventory had
$515,320 of...
[The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the weighted-average...
[The following information applies to the questions
displayed below.]
The Matsui Lubricants plant uses the weighted-average method to
account for its work-in-process inventories. The accounting records
show the following information for a particular day.
Beginning WIP inventory
Direct materials
$
1,000
Conversion costs
437
Current period costs
Direct materials
18,400
Conversion costs
10,111
Quantity information is obtained from the manufacturing records
and includes the following.
Beginning inventory
400
units
(70% complete as to materials,
52% complete as to conversion)
Current...
[The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the weighted-average...
[The following information applies to the questions
displayed below.]
The Matsui Lubricants plant uses the weighted-average method to
account for its work-in-process inventories. The accounting records
show the following information for a particular day.
Beginning WIP inventory
Direct materials
$
1,010
Conversion costs
527
Current period costs
Direct materials
24,060
Conversion costs
14,398
Quantity information is obtained from the manufacturing records
and includes the following.
Beginning inventory
700
units
(70% complete as to materials,
54% complete as to conversion)
Current...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a...
Required information
[The following information applies to the questions
displayed below.]
Warnerwoods Company uses a perpetual inventory system. It entered
into the following purchases and sales transactions for
March.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning
inventory
100
units
@ $50.00 per
unit
Mar.
5
Purchase
400
units
@ $55.00 per unit
Mar.
9
Sales
420
units
@ $85.00 per unit
Mar.
18
Purchase
120
units
@ $60.00 per unit
Mar.
25...
Required information [The following information applies to the questions displayed below.] Hogan Company uses the net...
Required information
[The following information applies to the questions
displayed below.]
Hogan Company uses the net method of accounting for sales
discounts. Hogan offers trade discounts to various groups of
buyers.
On August 1, 2021, Hogan factored some accounts receivable on a
without recourse basis. Hogan incurred a finance charge.
Hogan also has some notes receivable bearing an appropriate rate of
interest. The principal and total interest are due at maturity. The
notes were received on October 1, 2021, and...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic...
Required information
[The following information applies to the questions
displayed below.]
Warnerwoods Company uses a periodic inventory system. It entered
into the following purchases and sales transactions for
March.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning inventory
160
units
@ $50 per unit
Mar.
5
Purchase
460
units
@ $55 per unit
Mar.
9
Sales
480
units
@ $85 per unit
Mar.
18
Purchase
240
units
@ $60 per unit
Mar.
25
Purchase
320...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic...
Required information
[The following information applies to the questions
displayed below.]
Warnerwoods Company uses a periodic inventory system. It entered
into the following purchases and sales transactions for
March.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning inventory
160
units
@ $50 per unit
Mar.
5
Purchase
460
units
@ $55 per unit
Mar.
9
Sales
480
units
@ $85 per unit
Mar.
18
Purchase
240
units
@ $60 per unit
Mar.
25
Purchase
320...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...
Required information
[The following information applies to the questions
displayed below.]
Warnerwoods Company uses a perpetual inventory system. It entered
into the following purchases and sales transactions for
March.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Mar.
1
Beginning inventory
170
units
@ $52.40 per unit
Mar.
5
Purchase
260
units
@ $57.40 per unit
Mar.
9
Sales
330
units
@ $87.40 per unit
Mar.
18
Purchase
120
units
@ $62.40 per unit
Mar.
25
Purchase
220...
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...
Required information
[The following information applies to the questions displayed
below.]
Warnerwoods Company uses a perpetual inventory system. It
entered into the following purchases and sales transactions for
March.
Date Activities Units
Acquired at Cost Units Sold at Retail
Mar. 1
Beginning inventory 80
units @ $50.60 per unit
Mar. 5
Purchase 215 units
@ $55.60 per unit
Mar. 9
Sales ...
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