Answered step by step
Verified Expert Solution
Question
1 Approved Answer
7 Oslo Company produces large quantities of a standardized product. The following information is available for the first production department for May. Prepare a production
7 Oslo Company produces large quantities of a standardized product. The following information is available for the first production department for May. Prepare a production cost report for this process using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 4,000 ok Units started this period 12,000 Completed and transferred out 13,000. 3,000 100% 25% . t inces Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Unit reconciliation: Units to account for Beginning work in process Units started this period Total units to account for $ 2,880 5,358 $ 8,238 197,120 234,992 432,112 $440,350 OSLO COMPANY-First Department Production Cost Report-Weighted Average Method For Month Ended May 31 4,000 12,000 16,000 Units accounted for: Completed and transferred out 13,000 Ending work in process 3,000 Total units accounted for 16,000 Equivalent units of production (EUP)- weighted average method Total units accounted for Equivalent units of production (EUP)-weighted average method Completed and transferred out Ending work in process Equivalent Units of Production Cost per equivalent unit of production Costs of beginning work in process Costs added this period Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for. 16,000 Direct Materials Conversion Units % Complete EUP % Comte EUP Costs EUP Direct Materials $ 2,880 EUP Cost per EUP Total cost Conversion Costs EUP 0 0 EUP Cost per EUP Total cost $ 0.00 $ 0 $ 0.00 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started