Required information [The following information applies to the questions displayed below.] 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. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 72,000 882,000 775,000 179,000 $ 558,090 84,660 3,734,910 1,608,540 Direct Materials ( Percent Complete 100% 100% $ 642,7! 5,343,4! $ 5,986,21 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.)
Required information [The following information applies to the questions displayed below.] 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. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 72,000 882,000 775,000 179,000 $ 558,090 84,660 3,734,910 1,608,540 Direct Materials ( Percent Complete 100% 100% $ 642,7! 5,343,4! $ 5,986,21 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.)
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Question
![Required information
[The following information applies to the questions
displayed below.]
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.
Beginning work in process inventory.
Units started this period
Units completed and transferred out
Ending work in process inventory
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
Cost assignment-Weighted average
Completed and transferred out
Direct materials
Conversion
Ending work in process
Direct materials
Conversion
Total costs accounted for
Units
EUP
72,000
882,000
775,000
179,000
$ 558,090
84,660
3,734,910
1,608,540
Direct
Materials
Percent
Complete
100%
3. Assign costs to the department's output-specifically, to
the units transferred out and to the units in ending work in
process inventory. (Round "Cost per EUP" to 2 decimal
places.)
100%
Cost per EUP
$ 642,7!
5,343,4!
$ 5,986,20](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb21bb1c-9316-42c5-9a95-8aee84d7e301%2F891863b1-7971-4ec5-b391-63adfb9e5c8a%2Fwe4usna_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions
displayed below.]
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.
Beginning work in process inventory.
Units started this period
Units completed and transferred out
Ending work in process inventory
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
Cost assignment-Weighted average
Completed and transferred out
Direct materials
Conversion
Ending work in process
Direct materials
Conversion
Total costs accounted for
Units
EUP
72,000
882,000
775,000
179,000
$ 558,090
84,660
3,734,910
1,608,540
Direct
Materials
Percent
Complete
100%
3. Assign costs to the department's output-specifically, to
the units transferred out and to the units in ending work in
process inventory. (Round "Cost per EUP" to 2 decimal
places.)
100%
Cost per EUP
$ 642,7!
5,343,4!
$ 5,986,20
![information
ng information applies to the questions
elow.]
pany uses weighted average process costing.
y has two production processes. Conversion
d evenly throughout each process. Direct
e added at the beginning of the first process.
formation for the first process follows.
work in process inventory
ted this period
leted and transferred out
k in process inventory
work in process inventory
materials
Lon
ed this period
materials
Lon
ts to account for
Veighted average
erred out
GS
for
Units
EUP
72,000
882,000
775,000
179,000
$ 558,090
84,660
3,734,910
1,608,540
Direct
Materials Conversion
Percent
Complete
80%
Percent
Complete
100%
s to the department's output-specifically, to
ferred out and to the units in ending work in
ory. (Round "Cost per EUP" to 2 decimal
100%
Cost per EUP
$ 642,750
5,343,450
$ 5,986,200
40%
Total cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb21bb1c-9316-42c5-9a95-8aee84d7e301%2F891863b1-7971-4ec5-b391-63adfb9e5c8a%2Fshkmqjd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:information
ng information applies to the questions
elow.]
pany uses weighted average process costing.
y has two production processes. Conversion
d evenly throughout each process. Direct
e added at the beginning of the first process.
formation for the first process follows.
work in process inventory
ted this period
leted and transferred out
k in process inventory
work in process inventory
materials
Lon
ed this period
materials
Lon
ts to account for
Veighted average
erred out
GS
for
Units
EUP
72,000
882,000
775,000
179,000
$ 558,090
84,660
3,734,910
1,608,540
Direct
Materials Conversion
Percent
Complete
80%
Percent
Complete
100%
s to the department's output-specifically, to
ferred out and to the units in ending work in
ory. (Round "Cost per EUP" to 2 decimal
100%
Cost per EUP
$ 642,750
5,343,450
$ 5,986,200
40%
Total cost
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