SP16 - Student Name Instructor Class McGraw-Hill/Irwin...

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Student Name: Instructor Class: McGraw-Hill/Irwin Problem 16-02A Part 1 (a) and (b) VICTORY COMPANY Direct Direct Equivalent units of production (EUP) Materials Labor Units completed and transferred out 700,000 700,000 Units of ending goods in process Direct materials 180,000 Direct labor 54,000 Total equivalent units of production 880,000 754,000 Correct! Correct! Part 2 Direct Direct Cost per equivalent unit of production Materials Labor Costs of beginning goods in process $420,000 $139,000 Costs incurred this period 2,220,000 3,254,000 Total costs $2,640,000 $3,393,000 Correct! Correct! Divided by Equivalent units of production 880,000 754,000 Cost per equivalent unit of production $3.00 $4.50 Correct! Correct! Part 3 Direct Direct Assigning product costs to units Materials Labor Costs transferred out Direct materials $2,100,000 Direct labor 3,150,000 Total costs transferred out $5,250,000 «- Correct! Costs of ending goods in process Direct materials 540,000 Direct labor 243,000 Total costs of ending goods in process 783,000 «- Correct! Total costs accounted for
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