Question

7 Oslo Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for May 0.5 points $ 2,880 5,358 Skipped 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 4,000 Beginning work in process inventory 12,000 Direct materials 3,000 Conversion Direct materials added 1008 Direct labor added 258 Overhead applied (90% of direct labor) Total costs to account for Ending work in process inventory $ 8,238 197, 120 123,680 111,312 $440,350 $ 50,610 eBook Hint Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Print Total costs to account for: r References S 0 Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: $ 0 Total units to account for Total units accounted for: : Total units accounted for Equivalent units of production (EUP)- weighted average method Units % Materials EUP-Materials % Conversion EUP-Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Costs EUP EUP 0 0

Answer 1

Total costs to account for: Work in process. Beginning Started in Production Total costs to account for Total costs to account for Difference due to rounding cost/unit $8,238 $432,112 $440,350 $0 Physical Units Units to account for: Work in process. Beginning Started in Production Total units to account for 4,000 12,000 16,000 Total units accounted for: Units completed during May Work in process, Ending Total units accounted for 13,000 3,000 16,000 Equivalent Units Materials 13,000 3,000 16,000 Physical Units 13,000 3,000 16,000 Units completed during May Work in process, Ending Total units 100% 100% 100% 25% Conversion Costs 13,000 750 13,750 Conversion Costs Material Costs per equivalent unit of production Work in process, Beginning Started in Production Total costs Divided by Equivalents units of production Costs per equivalent unit of production $2,880 $197,120 $200,000 16,000 $12.50 $5,358 $234,992 $240,350 13,750 $17.48 EUP 13,000 13,000 Costs of units transfrred out: Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Work in process, Ending Total costs accounted for Cots per EUP Total cost $12.50 $162,500 $17.48 $227.240 $389,740 Cots per EUP Total cost $12.50 $37,500 $17.48 $13,110 $50,610 EUP 3,000 750 $440,350