At the end of November, work in process inventory consists of 181,000 units that are 50% complete with respect to conversion. Beginning work in process inventory had $460,720 of direct materials and $178,988 of conversion cost. The direct material cost added in November is $3,083,280, and the conversion cost added is $3,400,762. Beginning work in process consisted of 61,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 61,000 were from beginning work in process and 644,000 units were started and completed during the period. Required: For the first process: 1. Determine the equivalent units of production with respect to direct materials and conversion

Question Completion:

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.

Victory Company

                             Direct Materials       Conversion

Equivalent units         886,000                795,500

Explanation:

a) Data and Calculations:

                                           Direct Materials   Conversion Cost

Beginning WIP Inventory        $460,720             $178,988

Costs added in November    3,083,280           3,400,762

Total costs of production    $3,544,000        $3,579,750

Production Process:

Beginning Inventory =      61,000

Started and completed 644,000

Units transferred out = 705,000

Ending WIP inventory     181,000

Units under process    886,000

Equivalent units of production:

                                            Direct Materials       Conversion

Units transferred out          705,000 (100%)    705,000 (100%)

Ending WIP Inventory           181,000 (100%)      90,500 (50%)

Total equivalent units         886,000                795,500

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