Answered step by step
Verified Expert Solution
Question
1 Approved Answer
HELP! Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May. Oslo Company produces large
HELP! Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May.
Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May. Units Beginning work in process inventory Started Ending work in process inventory 6,100 22,500 7,200 Costs Beginning work in process inventory Direct materials Conversion $ 4,980 11,028 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete Direct materials added 100% Direct labor added 30% Overhead applied (65% of direct labor) Total costs to account for Ending work in process inventory $ 16,008 382,550 249, 680 162,194 $810, 432 $ 93, 144 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.) Total costs to account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for 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.) Total costs to account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials % Conversion EUP- Conversion Total units Cost per equivalent unit of production Materials Conversion Total units accounted for Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials % Conversion EUP- Conversion Total units Cost per equivalent unit of production Materials Conversion Costs Costs EUP EUP Cost per EUP Total cost Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Cost of units transferred out: EUP Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Direct materials Conversion Total cost of ending work in process Total costs accounted for Cost per EUP Total costStep 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