Oslo Company produces large quantities of a standardized product. The following

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 Started 4,200 Beginning work in process inventory Direct materials Conversion 13,000 $ 3,080 5,898 Ending work in process inventory 3,400 $ 8,978 213,640 135,680 113, 252 $471,550 S 54,196 Status of ending work in process inventory Direct materials added Materials-Percent complete Conversion-Percent complete 10e% Direct labor added 35% Overhead applied (83% of direct labor) Total costs to 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 intermediate calculations. Round "Cost per EUP" to 2 decimal places.) to for Total costs to account for Total costs accounted for Difference due to rounding cost/unit Units to account for Total units to account for

Explanation / Answer

Total Costs to Account for: Costs of beginning work in process $8,978 Costs incurred this period $462,572 Total Costs to account for: $471,550 Total Costs accounted for $471,550 Difference due to rounding cost/unit $0 Unit Reconciliation: Units to account for:      Beginning work in process inventory 4,200      Units started this period 13,000      Total Units to account for 17,200 Total Units accounted for:      Units completed and transferred out 13,800      Ending work in process 3,400 Total units accounted for 17,200 Equivalent Units of production (EUP) - weighted average method Units % Materials EUP-Materials % Conversion EUP-Conversion Units completed and transferred out 13,800 100%                13,800 100%            13,800 Ending work in process 3,400 100%                   3,400 35%              1,190 Total Units 17,200                17,200            14,990 Cost per equivalent unit of production Materials Conversion Cost of beginning work in process $3,080 $5,898 Costs incurred this period $213,640 $248,892 Total Costs Costs $216,720 Costs $254,790 * Equivalent units of production EUP                17,200 EUP            14,990 Cost per equivalent unit of production (rounded to 2 decimals) $12.60 $17.00 Total costs accounted for: Cost of units transferred out EUP Cost per EUP Total cost       Direct materials 13,800 $12.60 $173,880.00       Conversion 13,800 $17.00 $234,600.00             Total costs transferred out $408,480.00 Costs of ending work in process EUP Cost per EUP Total cost       Direct materials 3,400 $12.60 $42,840.00       Conversion 1,190 $17.00 $20,230.00             Total cost of ending work in process $63,070.00             Total costs accounted for $471,550.00

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