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Victory Company uses weighted average process costing. The company has two production processes. Conversion cost...

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Accounting

Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows.

Units Direct Materials Conversion
Percent Complete Percent Complete
Beginning work in process inventory 64,000 100% 80%
Units started this period 922,000
Units completed and transferred out 800,000
Ending work in process inventory 186,000 100% 70%
Beginning work in process inventory
Direct materials $ 192,270
Conversion 116,275 $ 308,545
Costs added this period
Direct materials 1,286,730
Conversion 2,209,225 3,495,955
Total costs to account for $ 3,804,500

2. Compute cost per equivalent unit of production for both direct materials and conversion.

image

\begin{tabular}{|l|c|c|c|c|} \hline Cost per equivalent unit of production & & Materials & & Conversion \\ \hline & & & & \\ \hline Total costs & Costs & & Costs & \\ \hline - Equivalent units of production (from part 1) & EUP & & EUP & \\ \hline Cost per equivalent unit of production & & & & \\ \hline \end{tabular}

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