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. 0 oints 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 Costs 5,400 Beginning work in process inventory 19,000 Direct materials Conversion Book 5,800 ferences Direct materials added 1004 Direct labor added 354 Overhead applied (909 of direct labor) Total costs to account for Ending work in process inventory $ 4,279 9,138 $ 13,417 317,800 207,680 186,912 $725,809 $ 78,747 Prepare a process cost summary report for this process using the weighted-average method (Round "Cost per EUP" to 2 decimal places.)

Answer 1

Total costs to account for :
Beginning work in process inventory				13,417
cost added during the year				712,392
Total costs to account for				725,809
Total costs accounted for				725,809
Difference due to rounding cost/unit				0
Unit reconciliation
Units to account for :
Beginning work in process inventory				5,400
Started				19,000
Total units to account for				24,400
Total units accounted for :
Started and completed				18,600
Ending work in process inventory				5,800
Total units accounted for				24,400
Equivalent units of production -(EUP)- weighted average method
				Units	% mat	EUP-Mat	% CC	EUP-CC
Started and completed				18,600	100%	18,600	100%	18,600
Ending work in process inventory				5,800	100%	5,800	35%	2030
Total units				24,400		24,400		20,630
Cost per Equivalent unit of production						Materials		CC
Beginning work in process inventory						4,279		9,138
cost added during the year						317,800		394592
total costs					Costs	322,079	Costs	403,730
Equivalent units of production					EUP	24,400	EUP	20,630
Cost per Equivalent unit of production						13.20		19.57
Total costs accounted for :
Cost of units transferred out:				EUP	cost per EUP	Total cost
Direct Materials				18,600	13.20	245519
Conversion				18,600	19.57	364003
total costs transferred out							609522
Cost of ending work in process				EUP	cost per EUP	Total cost
Direct Materials				5,800	13.20	76560
Conversion				2030	19.57	39727
Total cost of ending work in process							116287
Total costs accounted for							725809