Problem 20-1A Weighted average: Cost per equivalent unit; costs assigned to products M1 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. Required 1. Compute equivalent units of production for both direct materials and conversion. 2. Compute cost per equivalent unit of production for both direct materials and conversion. Problem 20-3A Weighted average: Production cost report P2 P4 Tamar Co. manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Required 1. Prepare the Forming department's production cost report for May using the weighted average method. 2. Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly