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.

Note: Round "Cost per EUP" to 2 decimal places.

	Units	Direct Materials	Conversion
Percent Complete	Percent Complete
Beginning work in process inventory	4,700
Units started this period	15,500
Completed and transferred out	15,800
Ending work in process inventory	4,400	100%	40%

Beginning work in process inventory
Direct materials	$ 3,590
Conversion	7,248	$ 10,838
Costs added this period
Direct materials	255,990
Conversion	314,792	570,782
Total costs to account for		$ 581,620

\begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{\begin{tabular}{c} OSLO COMPANY-First Department \\ Production Cost Report - Weighted Average Method \\ For Month Ended May 31 \end{tabular}} \\ \hline \multicolumn{6}{|l|}{ Unit reconciliation: } \\ \hline \multicolumn{6}{|l|}{ Units to account for: } \\ \hline \\ \hline \\ \hline \multicolumn{6}{|l|}{ Total units to account for } \\ \hline \multicolumn{6}{|l|}{ Units accounted for: } \\ \hline \\ \hline & & & & & \\ \hline \multicolumn{6}{|l|}{ Total units accounted for } \\ \hline \multicolumn{6}{|c|}{ Equivalent units of production (EUP) - weighted average method } \\ \hline & & \multicolumn{2}{|c|}{ Direct Materials } & \multicolumn{2}{|c|}{ Conversion } \\ \hline & Units & % Complete & EUP & % Complete & EUP \\ \hline \multicolumn{6}{|l|}{ r } \\ \hline & & & & & \\ \hline \multicolumn{6}{|l|}{ Equivalent Units of Production } \\ \hline Cost per equivalent unit of production & & & Direct Materials & & Conversion \\ \hline \multicolumn{6}{|l|}{ T } \\ \hline \\ \hline Total costs & & Costs & & Costs & \\ \hline Equivalent units of production & & EUP & & EUP & \\ \hline \multicolumn{6}{|c|}{ Cost per equivalent unit of production (rounded to 2 decimals) } \\ \hline \multicolumn{6}{|l|}{ Cost Assignment } \\ \hline Completed and transferred out & EUP & Cost per EUP & Total cost & & \\ \hline \multicolumn{6}{|l|}{ Direct materials } \\ \hline \multicolumn{6}{|l|}{ Conversion } \\ \hline Ending work in process & EUP & Cost per EUP & Total cost & & \\ \hline \multicolumn{6}{|l|}{ Direct materials } \\ \hline \multicolumn{6}{|l|}{ Conversion } \\ \hline Total costs accounted for & & & & & \\ \hline \end{tabular}