Required information [The following information applies to the questions display

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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 790,000 units of product to finished goods. At the end of November, the work in process inventory consists of 193,000 units that are 60% complete with respect to conversion. Beginning inventory had $447,265 of direct materials and $113,225 of conversion cost. The direct material cost added in November is $2,993,235, and the conversion cost added is $2,151,275. Beginning work in process consisted of 77,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 77,000 were from beginning work in process and 713,000 units were started and completed during the period 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 per EUP Cost of units transferred out: EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in proces:s Cost per EUP EUP Total cost Direct materials $ 0.00 S Conversion $ 0.00 Total cost of ending work in process Total costs accounted for

Explanation / Answer

Statement of Equivalent production Particulars Direct Materials %completion Equivalent mat Conversion %completion Equivalent Conv Total Beginning WIP             77,000.00 100%             77,000.00             77,000.00 100%             77,000.00 Units Started and completed          713,000.00 100%          713,000.00          713,000.00 100%           713,000.00 ending WIP          193,000.00 100%          193,000.00          193,000.00 60%           115,800.00 Equivalent Units          983,000.00           905,800.00 Opening WIP Costs          447,265.00           113,225.00        560,490.00 Current Month Costs       2,993,235.00       2,151,275.00    5,144,510.00 Total costs       3,440,500.00       2,264,500.00    5,705,000.00 Cost per Equivalent units                       3.50                        2.50 Ending WIP Units          193,000.00           115,800.00 Cost of Ending WIP          675,500.00           289,500.00        965,000.00 Units completed and transferred out          790,000.00           790,000.00 Cost of Units completed and transferred out       2,765,000.00       1,975,000.00    4,740,000.00 EUP Cost per EUP Total Cost Cost of units transferred out Direct materials          790,000.00                       3.50       2,765,000.00 Conversion          790,000.00                       2.50       1,975,000.00 Total costs Transferred out       4,740,000.00 Cost of ending WIP Direct Materials          193,000.00                       3.50          675,500.00 Conversion          115,800.00                       2.50          289,500.00 Total cost of ending WIP          965,000.00 Totalcosts accounted for

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