Chapter 3 Problem Question 4 Oso Company produces large quantries of a standardi

Question

Chapter 3 Problem Question 4

Oso Company produces large quantries of a standardized product The tollowing Intormation ls avallable for ta production acvities for Ma. Costs Eeginning work In proces Inventory Started Ending work in process Inventory 5,600 Beginning work in process Inventoy 20.000 6.200 Direct materiala 5 4480 9.678 S 14.158 336.000 219630 141,457 Status of ending work in process Inventory Direct materlals added Direct labor added oemead applied (64 39% of direct labor) Materials-Percent complete 100 % 25 % Total costs to acourtfo 5 711 295 Ending work in process Inventory S 81,749 Prepare a process cost aummary report for tils company, showling costs charged to production, unit cost Intormation equvelent units of production, cost per EUP, and its cost aselgnment and reconciltation. Use the welgihted-average metnod. (Do not round Intermediate calculations. Round "Cost per EUP" to 2 declmal places.) costs to Total ooets to account tor Total oets accounted tor OMerence due to rounding costunit Units to account for: Total units to account for Total units accounted for: Total units accounted for units of production (EUPI-welghted average method EUP- Units % Materials | EU. Materials | % conversion Total unitE of Total ooets Equivalent units of production Coet per equvalent unit of production (rounded to 2 decimals) for: Cost of unita trane erred out Cost per EUP Total cost Diredt materlals Total coets trans'erred out Costa of work in pro026 EUP Cost per EUP Total cost Direct materials Total cost of ending work in proce65 Total coets accounted tor

Explanation / Answer

UNITS TO ACCOUNT FOR: Beginning Work in Process units 5,600 Add: Units Started in Process 20,000 Total Units to account for: 25,600 UNITS TO BE ACCOUNTED FOR: Units started and completed 19,400 Ending Work in Process 6,200 Total Units to be accounted for: 25,600 Equivalent Units: UNITS Material Cost Conversion % Completion Units % Completion Units Units started and completed 19400 100% 19,400 100% 19,400 Ending Work in Process 6200 100% 6,200 25% 1,550 Total Equivalent units 25600 25,600 20,950 TOTAL COST TO ACCOUNT FOR: Material Conversion Beginning work in Process 4,480 9,678 Cost Added during May 336,000 361,137 Total Cost to account for: 340,480 370,815 Equivalent Units 25,600 20,950 Cost per Equivalent unit 13.3 17.7 TOTAL COST ACCOUNTED FOR: Units Transferred out (19400units) Equivalent unit Cost per EU Total Cost Material 19,400 13.3 258020 Conversion Cost 19,400 17.7 343380 Total Cost of Units completed and transferred out: 601400 Ending Work in process (6200 units) Equivalent unit Cost per EU Total Cost Material 6,200 13.3 82460 Conversison Cost 1,550 17.7 27435 Total cost of Ending Work in process: 109,895

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