Question

Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May Units Costs Beginning work in process inventory 5,500 Beginning work in process inventory 19,500 6,000 Direct materials 4,380 9,408 Started Ending work in process inventory Conversion 13,788 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 326,870 213,680 154,622 100% Direct labor added 40% Overhead applied (72% of direct labor) $708,960 Total costs to account for S 81,481 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 declmal places.) Total costs to account for: Total costs to account for: $ 0 Total costs accounted for Difference due to rounding cost/unit 0 Unit reconciliation: Units to account for Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method EUP- % Materials EUP- Materials % Conversion Units Conversion Total units Cost per equivalent unit of production Materials Conversion Total costs Costs Costs Equivalent units of production EUP EUP Cost per equivalent unit of production (rounded to 2 decimals) 0 0 Total costs accounted for: Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process Total cost EUP Cost per EUP Direct materials $ 0.00 0.00 Conversion $ Total cost of ending work in process Total costs accounted for

Answer 1

Total costs to account for:
Costs of beginning work in process	13788
Costs incurred this period	695172
Total costs to account for	708960
Total costs accounted for	708960
Difference due to rounding cost/unit	0
Unit reconciliation:
Units to account for:
Beginning work in process inventory	5500
Units started this period	19500
Total units to account for	25000
Total units accounted for:
Units completed and transferred out	19000
Ending work in process	6000
Total units accounted for	25000
Equivalent units of production (EUP)- weighted average method
	Units	%Materials	EUP-Materials	%Conversion	EUP-Conversion
Units completed and transferred out	19000	100%	19000	100%	19000
Ending work in process	6000	100%	6000	40%	2400
Total units	25000		25000		21400
Cost per equivalent unit of production			Materials		Conversion
Cost of beginning work in process			4380		9408
Costs incurred this period			326870		368302
Total costs		Costs	331250	Costs	377710
÷ Equivalent units of production		EUP	25000	EUP	21400
Cost per equivalent unit of production			13.25		17.65
Total cost accounted for:
Cost of units transferred out	EUP	Cost per EUP	Total cost
Direct materials	19000	13.25	251750
Conversion	19000	17.65	335350
Total cost transferred out				587100
	EUP	Cost per EUP	Total cost
Cost of ending work in Process
Direct materials	6000	13.25	79500
Conversion	2400	17.65	42360
Total Cost of ending work in Process				121860
Total cost accounted for				708960