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Problem 3-1A (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1

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[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.

	Units	Direct Materials	Conversion
		Percent Complete	Percent Complete
Beginning work in process inventory	74,000	100%	80%
Units started this period	890,000
Units completed and transferred out	780,000
Ending work in process inventory	184,000	100%	70%

Beginning work in process inventory
Direct materials	$ 501,280
Conversion	204,480	$ 705,760
Costs added this period
Direct materials	3,354,720
Conversion	3,885,120	7,239,840
Total costs to account for		$ 7,945,600

Problem 3-1A (Algo) Part 1

Required: 1. Compute equivalent units of production for both direct materials and conversion.