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			Costs
Beginning work in process inventory	4,100		Beginning work in process inventory
Started	12,500		Direct materials	$	2,978
Ending work in process inventory	3,200		Conversion		5,628
							$	8,606
Status of ending work in process inventory			Direct materials added					205,350
Materials—Percent complete	100	%	Direct labor added					129,680
Conversion—Percent complete	30	%	Overhead applied (90% of direct labor)					116,712
			Total costs to account for				$	460,348
			Ending work in process inventory				$	52,661

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 cost/unit 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 Units % Materials EUP-Materials Conversion EUP- Conversion Total units Cost per equivalent unit of production / Materials Conversion Costs EUP Costs EUP Total costs - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Cost of units transferred out: EUP Direct materials Conversion Cost per EUP Total cost Total costs transferred out EUP Total cost Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Cost per EUP $ 0.00 $ 0.00

Answer 1

Solution:

E Н Weighted Average Total costs to account for Total Cost of Beginning Work in process Total Costs incurred this period $8,606 $451,742 $460,348 ITotal Cost to account for Total Cost Accounted for *Difference due to rounding cost/unit Unit Reconciliation Units to account for: Units in Beginning work in process Units Started this period Total Units to account for Total units Accounted for: Units Completed and transferred out Units in ending work in process Total Units accounted for Equivalent units of production (EUP) - Weighted Average method $460,348 $0 10 11 4100 12 12500 13 16600 14 15 13400 16 3200 17 16600 18 19 EUP-Material % Conversion EUP- Conversion 20 %Material Units Units Completed and transferred out units of Ending work in process Equivalent units of production 13400 100% 13400 100% 13400 3200 100% 3200 30% 960 22 16600 14360 23 Cost per EUP Cost of Beginning Work in process Costs incurred this period Total Costs /Equivalent units of Production Cost per Equivalent unit of Production Cost Assignment and Reconciliation Cost Transferred Out Direct Material Conversion Total transferred out Cost of ending work in process 24 Material Conversion $2,978 $205,350 $208,328 Costs $5,628 25 $246,392 26 $252,020 27 Costs 16600 EUP 14360 28 EUP $12.55 $17.55 29 30 Total Cost 31 Cost per EUP $12.55 EUP $168,170 13400 32 13400 $17.55 $235,170 33 $403,340 34 35 Cost per EUP $12.55 Total Cost EUP 3200 $40,160 36 Direct Material $17.55 $16,848 960 37 Conversion Total Ending work in process Total Costs accounted for $57,008 38 $460,348 39 153 (34) Sheet194 (3) Sheet146 (2) Sheet146 (3) Sheet336 Sheet338 Sheet307 Sheet308 ПI