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Oscar Company uses a process costing system. The company manufactures a product that is processed in two departments: A and B. As work is completed,
Oscar Company uses a process costing system. The company manufactures a product that is processed in two departments: A and B. As work is completed, it is transferred out. Materials are added at the beginning of process in Department A & B. The following summarises the production activity and costs for September: Department A Department B 5 000 10 000 $12,000 $8,000 $55,000 $20,000 $17,000 Beginning inventories: Physical units Costs: Transferred in Direct materials Conversion costs Current production: Units started Unit transferred out Ending inventory Costs: Transferred in Direct materials Conversion costs Percentage completion: Beginning inventory Ending inventory 35000 25000 ? ? 35 000 3000 $59,000 $99,000 ? $43,000 $120,000 40% 50% 50% 80% Required Using the weighted average method, prepare the production report for Department A and B showing: C. a. a physical flow schedule [4 marks] b. an equivalent unit calculation (4 marks] calculation of unit costs (Note: Round to two decimal places) (4 marks] d. cost of EWIP and cost of goods transferred out (4 marks] a cost reconciliation. (4 marks] e
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