O Meat Vsted Getting Started Chapter 16 4 Exercise 16-17 Weighted Average: Proce
ID: 2333344 • Letter: O
Question
O Meat Vsted Getting Started Chapter 16 4 Exercise 16-17 Weighted Average: Process cost summary LO C3 Oslo Company produces large quantities of a standardized product. The following information is available for its production actrvities for May poires Beginning work in process inventory Started Ending work in process inventory s,100 Beginning work in process inventory 1,280 9-13 19,000Direct materials 5,800 Conrersion 13, 418 Scatus ot ending vork in procesa inventory DareCt Naterialaadded 317, 800 207, 68o Materials-Percent complete Conversson-Percent complete 100% D1regt labor dded 35t Ovethead epplied (70t of direet labor) 5605, 166 Total costs te account for 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 eferencesintermediste calculations Round "Cost per EUP to 2 decimal places.) Total costs to account for otal costs accousted for Diflerence due to rouning cost/und Units to account for Total units to account for Total units accounted forExplanation / Answer
Total costs accounted for Costs of beginning goods in process 13418 Costs incurred this period 671750 Total costs to account for: 685168 Total costs accounted for 685168 Difference due to rounding cost/unit 0 Units to account for: Beginning goods in process inventory units 5400 Units started this period 19000 Total units to account for 24400 Total units accounted for: Units completed and transferred out 18600 Ending goods in process units 5800 Total units accounted for 24400 Equivalent units of production (EUP) weighted average method Units % Materials EUP Materials % Conversion Conversion Units completed and transferred out 18600 100.00% 18600 100.00% 18600 Ending goods in process units 5800 100.00% 5800 35.00% 2030 Total Units 24400 24400 20630 Cost Per Equivalent unit of Production Direct Material Conversion Costs of beginning goods in process 4280 9138 Costs incurred this period 317800 353950 Total Costs Costs 322080 Costs 363088 Equivalent Unit of Production 24400 20630 Cost Per Equivalent unit of Production 13.20 17.60 Cost of Units Transferred out EUP Cost Per EUP Total Cost Direct Material 18600 13.20 245,520.00 Conversion 18600 17.60 327,360.00 Total Cost Transferred out 572,880.00 Cost of Ending Work in Progress EUP Cost Per EUP Total Cost Direct Material 5800 13.20 76,560.00 Conversion 2030 17.60 35,728.00 Total Cost of Ending Work in Progress 112,288.00 Total Cost accounted for 685168
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