Question

1 Oslo Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for May. 40 points Costs 1,700 Reginning work in process inventory 15,500 Direct materials 4.400 Conversion $ 3,590 Units Beginning work in process inventory Started Ending work in process inventory Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Book References Direct materials added 1004 Direct labor added 40% Overhead applied (90% of direct labor) Total costs to account for Ending work in process inventory $1 25 16 14 $50 56 Prepare a process cost summary report for this process using the weighted average method (Round "Cost per EUP" to 2 decimal places.) $ $ Total costs to account for: Costs of beginning work in process Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding costunit Unit reconciliation: Units to account for 10,838 255.990 266,828 1,032,875 (766,047) $

Answer 1

Hi buddy.

*Half of cost details are hide. if not matched, Kindly share the cost details fully given in Q in the comment box.

*I took started cost details from your answer workouts. I tried my best,

А 00 с D E F G H J K 1 2 1 3 4 5 6 Weighted Average Method-Equivalent production Costs charged to production: Cost of Beginning WIP $ 10,838 Cost added to production during the peri S 570,782 Total Cost to be accounted for: $ 581,620 Total costs accountred for $ 581,620 *Difference due to rounding cost/unit 7 0 9 10 11 12 13 14 Unit Reconcilation Beginning Work in Process Inventory, Started this period Cost Charged to account for: Completed and Transferred out Ending Work in Process Inventory, Total units accounted for: 4,700 15,500 20,200 15,800 Balance 4,400 20,200 15 16 17 18 19 Equivalent units of production a. 20 21 22 23 24 Completed and Transferred out Ending WIP Total UNITS Units % of Material EUP-Material Conversion EUP -Conversion 15,800 100% 15,800 100% 15,800 4,400 100% 4,400 40% 1,760 20,200 20,200 17,560

А. B с D E F G Н. 24 25 26 b. 27 28 29 Cost per Equivalent unit of production Beginning WIP Started Total Costs Div, Equivalent units Cost per Equivalent unit of production 4,700 15,500 20,200 EUP-Material $ 3,590 $ 255,990 $ 259,580 20,200 $ 12.85 EUP -Conversion $ 7,248 $ 314,792 $ 322,040 17,560 $ 18.34 | S Costs EUP Costs EUP 31.19 30 31 32 * Conversion Cost = Labor Cost + Overhead Cost 33 34 C. 35 36 Total costs accounted for: Cost of units transferred out: Direct Material Conversion cost EUP Cost per EUP Total costs 15,800 $ 12.85$ 203,038 15,800 $ 18.34 $ 289,763 37 38 $ 492,800 39 d. 40 Cost of Ending WIP: Direct Material Conversion cost EUP Cost per EUP Total costs 4,400 $ 12.85$ 56,542 1,760$ 18.34 $ 32,277 41 42 43 Total costs accounted for $ 88,820 $ 581,620 44 e. 45 46 47 48 49 Cost Reconcilation Costs to be accounted for: Cost of beginning WIP $ 10,838 Cost added to production during the peri$ 570,782 Total Cost to be accounted for: $ 581,620 Costs accounted for as follow: Costs of units transferred out $ 492,800 Cost of Ending WIP $ 88,820 Total Cost to be accounted for: $ 581,620 50 51 52 53 54

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