Question

Oslo Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for May 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 $ 3,830 8,058 Costs 5,000 Beginning work in process inventory 17,000 Direct materials 5,000 Conversion Direct materials added 1001 Direct labor added 350 Overhead applied (908 of direct labor) Total costs to account for Ending work in process inventory $ 11,888 282,120 183,680 165,312 $643,000 70,567 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: Total costs to account for: Total costs accounted for Difference due to rounding costunit Unit reconciliation: Units to account for Total units to account for Total units accounted for:

Answer 1

$11,888 of beginning work in Total costs to amount for Cost progen Costs incurred during this period Total costs to anount for Total costs arounted for $ 631,112 $ 643000 $64 3000 Units monciliation 5000 17000 22000 Units to account for: Beginning wook in process inventory Units started this period Total units to acount for Total units awunted for: Units completed and transferred out work in Ending Total units auo unted 17000 in proces 5000 for 22000

Equivalent with of production CEUP) - Weighted Average Method unch 4. Material. EUP-m 7. convento EUP-C 17000 100 11000 10o 17000 100 5000 5000 35 175.0 Units completed & tof out Euding Total unit Work in Procen 22000 22ow 18750 Cost per equivalent une of prod. Material Conversion $8058 Cost work in $3830 of beginning proan Costs incurred during this period. $ 282120 $348,992 Total cost CAD $285 950 $357050 22000 18750 Equivalent units of prod" (B) Cost per equivalent unit of proan (A/B) 13 19 Total cost arounted for. EUP Total cost Cost per Eup 17000 13 Cost of units tofout Direct materials $2,21,000 $ 3,23,000 19 17000 Conversion $ 549000 EUP wst Total cost EUP per Cost of ending WIP Diret matuials 13 $ 65000 5000 19 $33250 1750 conversion $ 98250 Total cost all for $544000+ $98250 • $6,42,250