Question

Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May Units Beginning work in process inventory Started Ending work in process inventory Costs 6,200 Beginning work in process inventory $5,080 11,298 23,000 Direct materials Conversion 7,400 s 16,378 392,040 255,680 172,042 $836, 140 $96,099 Status of ending work in process inventory Direct materials added Materials-Percent complete Conversion-Percent complete 100% Direct labor added 35% Overhead applied (67% 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.)

Answer 1

Total costs to account for :
Beginning work in process inventory				16,378
cost added during the year				819,762
Total costs to account for				836,140
Total costs accounted for				836,140
Difference due to rounding cost/unit				0
Unit reconciliation
Units to account for :
Beginning work in process inventory				6,200
Started				23,000
Total units to account for				29,200
Total units accounted for :
Started and completed				21,800
Ending work in process inventory				7,400
Total units accounted for				29,200
Equivalent units of production -(EUP)- weighted average method
				Units	% mat	EUP-Mat	% CC	EUP-CC
Started and completed				21,800	100%	21,800	100%	21,800
Ending work in process inventory				7,400	100%	7,400	35%	2590
Total units				29,200		29,200		24,390
Cost per Equivalent unit of production						Materials		CC
Beginning work in process inventory						5,080		11,298
cost added during the year						392,040		427722
total costs					Costs	397,120	Costs	439,020
Equivalent units of production					EUP	29,200	EUP	24,390
Cost per Equivalent unit of production						13.6		18
Total costs accounted for :
Cost of units transferred out:				EUP	cost per EUP	Total cost
Direct Materials				13.6	21,800	296480
Conversion				18	21,800	392400
total costs transferred out							688880
Cost of ending work in process				EUP	cost per EUP	Total cost
Direct Materials				13.6	7,400	100640
Conversion				18	2590	46620
Total cost of ending work in process							147260
Total costs accounted for							836140