Problem 20-2A Weighted average: Cost per equivalent unit; costs assigned to products LO C2, C3

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 700,000 units of product to finished goods. At the end of November, the work in process inventory consists of 180,000 units that are 30% complete with respect to conversion. Beginning inventory had $420,000 of direct materials and $139,000 of conversion cost. The direct material cost added in November is $2,220,000, and the conversion cost added is $3,254,000. Beginning work in process consisted of 60,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 60,000 were from beginning work in process and 640,000 units were started and completed during the period.

Problem 20-2A Part 1

Determine the equivalent units of production with respect to direct materials and conversion. Link to table outline for answer: https://gyazo.com/ef0e9c227e4300532e2181a22bab281a

Problem 20-2A Part 2

Compute both the direct material cost and the conversion cost per equivalent unit. Link to table outline for answer: https://gyazo.com/1e9523bd05e631d3a50ca17b2f1c124f

Problem 20-2A Part 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.) Link to table outline for answer: https://gyazo.com/52471355682a6fbd3779a41929b18dc2