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Oslo Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for May.
Oslo Company produces large quantities of a standardized product. The following information is available for the first process in 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 Costs 6,400 24,000 7,800 Beginning work in process inventory Direct materials Conversion $ 5,310 11,838 Direct materials added 100% Direct labor added 25% Overhead applied (90% of direct labor) $ 17,148 411,200 267,680 240,912 Total costs to account for Ending work in process inventory $936,940 $ 98,938 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Total costs to account for: Costs of beginning work in process $ 17,148 Costs incurred this period 936,940 Total costs to account for: $ 954,088 Total costs accounted for Difference due to rounding cost/unit $ 0 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
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