Determine the equivalent units of production with respect to (a) direct labor and (b) direct materials.
Explain the characteristics of conscious leadership as defined by Mackey and Sisodia and compare them to the primary characteristics of two or three other leadership theories you have studied.
August 5, 2017Assess the roles of the Board of Directors and Chief Executive Officer of a public company for establishing an ethical environment that generates quality accounting and reliable financial reporting for use by shareholders and investors.
August 5, 2017Determine the equivalent units of production with respect to (a) direct labor and (b) direct materials.
Process Cost Accounting
Victory Company uses weighted-average process costing to account for its production costs. Direct labor 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 goods in process inventory consist of 180,000 units that are 30% complete with respect to labor. Beginning inventory had $420,000 of direct materials and $139,000 of direct labor costs. The direct material cost added in November is $2,220,000, and the direct labor cost added is $3,254,000.
Required:
- Determine the equivalent units of production with respect to (a) direct labor and (b) direct materials.
- Compute both the direct labor cost and the direct materials cost per equivalent unit.
- Compute both direct labor cost and direct materials cost assigned to (a) units completed and transferred out and (b) ending goods in process inventory.
- Type your responses in a Word document or Excel spreadsheet
