Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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 Status of ending work in process inventory Materials-Percent complete Conversion-Percent complete 4,500 14,588 4,000 Costs Beginning work in process inventory Direct materials Conversion $ 3,380 6.788 Direct materials added 1001 Direct labor added 30% Overhead applied (76% of direct labor) Total costs to account for Ending work in process inventory $ 10,088 238.87e 153,68 117,442 $520,080 $ 59,774 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 costunit 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 EUP. % Materials EUP-Materials % Conversion Conversion pints Cost per equivalent unit of production Materials CUP 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 Direct materials Conversion Total cost transferred out Costs of ending work in process EUP Direct materials Conversion Total cost of ending work in process Total cost accounted for Cost per EUP Total cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Internal Auditing Continuing Professional Education CPE Edition

Authors: Robert M. Atkisson, Victor Z. Brink, Herbert N. Witt

1st Edition

0471818828, 978-0471818823

More Books

Students also viewed these Accounting questions

Question

11. Why is the report requested?

Answered: 1 week ago

Question

How much did they spend to create one prototype?

Answered: 1 week ago