Question

Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May. Units Costs Beginning work in process inventory started 4,400 Beginning vork in process inventory 14,000Direct materials 3, 800Conversion S 3,280 Ending work in process inventory $ 9,718 230,400 147,680 787 $499,585 $ 57,418 Status of ending work in process inventory Direct materials added Materials-Percent complete Conversion-Percent complete 100% Direct labor added 25% Overhead applied (76% of direct labor) Total costs to account for Ending work in process inventory Prepare a process cost summary report for this company, showing costs charged to production, unit cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. Use the weighted-average method. (Do not round intermediate calculations. Round "Cost per EUP to 2 decimal places.) costs to account for Total costs to account for Total costs accounted for Difference due to rounding costunit Units to account for Total units to account for Total units accounted for

Answer 1

Total costs accounted for
Costs of beginning goods in process	9718
Costs incurred this period	489867
Total costs to account for:	499585
Total costs accounted for	499585
Difference due to rounding cost/unit	0
Units to account for:
Beginning goods in process inventory ­ units	4400
Units started this period	14000
Total units to account for	18400
Total units accounted for:
Units completed and transferred out	14600
Ending goods in process ­ units	3800
Total units accounted for	18400
Equivalent units of production (EUP)­ weighted average method
	Units	% Materials	EUP­ Materials	% Conversion	Conversion
Units completed and transferred out	14600	100.00%	14600	100.00%	14600
Ending goods in process ­ units	3800	100.00%	3800	25%	950
Total Units	18400		18400		15550
Cost Per Equivalent unit of Production			Direct Material		Conversion
Costs of beginning goods in process			3280		6438
Costs incurred this period			230400		259467
Total Costs		Costs	233680	Costs	265905
Equivalent Unit of Production			18400		15550
Cost Per Equivalent unit of Production			12.70		17.10
Total costs accounted for
Cost of Units Transferred out	EUP	Cost Per EUP	Total Cost
Direct Material	14600	12.70	185,420.00
Conversion	14600	17.10	249,660.00
Total Cost Transferred out			435,080.00
Cost of Ending Work in Progress	EUP	Cost Per EUP	Total Cost
Direct Material	3800	12.70	48,260.00
Conversion	950	17.10	16,245.00
Total Cost of Ending Work in Progress			64,505.00
Total Cost accounted for				499585