cos Exercise 16-17 (Algo) Weighted average: Production cost report LO P2 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 Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Units Percent Complete Percent Complete 5,900 21,500 20,600 6,800 100% 40% $ 4,669 10,488 $ 15,157 363,750 Conversion 451,592 815,342 Total costs to account for $ 830,499 ces Unit reconciliation: Units to account for: Total units to account for Units accounted for: 030,499 OSLO COMPANY-First Department Production Cost Report-Weighted Average Method: For Month Ended May 31 Total units accounted for Equivalent units of production (EUP)-weighted average method Total units accounted for Equivalent units of production (EUP)-weighted average method Equivalent Units of Production Cost per equivalent unit of production 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 Direct Materials Units % Complete Costs EUP Conversion EUP % Complete EUP Direct Materials EUP Cost per EUP Total cost EUP Cost per EUP Total cost $ 0.00 $ 0.00 Costs EUP 0 Conversion Exercise 16-12 (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 Hi-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. Direct Materials Beginning work in process inventory Completed and transferred out Ending work in process inventory Beginning work in process Conversion Percent Percent Units Complete 3,000 100% Complete 80% 24,000 8,000 100% 40% Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $31,000 63,680 385,000 328,000 $ 94,680 713,000 $ 807,680 a. Compute the equivalent units of production for both direct materials and conversion. b. Compute the cost per equivalent unit for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Complete this question by entering your answers in the tabs below. 1 Required A Required B Required C x ences Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Total Direct Materials Conversion Units Percent Complete EUP Percent Complete Required B > EUP Problem 16-2A (Algo) Weighted Average: Production cost report LO P2, P4 Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Direct Materials Conversion Percent Percent Complete Complete Units Beginning work in process inventory Units started this period 32,500 145,000 Units completed and transferred out 155,000 Ending work in process inventory 22,500 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion $ 18,600 70,700 $ 89,300 141,150 915,400 1,056,550 $1,145,850 Total costs to account for Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly Chea Unit reconciliation: Units to account for: Beginning work in process inventory Units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production cost report for October using the weighted average method. (Round "Cost per EUP" to 2 decimal FAST COMPANY-Cutting Department Production Cost Report-Weighted Average Method For Month Ended October 31 Direct Materials Units % Complete Conversion EUP % Complete EUP Direct Materials Conversion Equivalent Units of Production Cost per equivalent unit of production Total costs Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units % Complete EUP % Complete EUP Direct Materials Conversion Costs Costs EUP EUP 0 0 EUP Cost per EUP Total cost S 0.00 $ 0 $ 0.00 0 Required 1 Required 2 >