Question
Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May. Prepare a process cost summary
Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May. 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.)
Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May.
Units | Costs | ||||||||
Beginning work in process inventory | 5,900 | Beginning work in process inventory | |||||||
Started | 21,500 | Direct materials | $ | 4,780 | |||||
Ending work in process inventory | 6,800 | Conversion | 10,488 | ||||||
$ | 15,268 | ||||||||
Status of ending work in process inventory | Direct materials added | 363,750 | |||||||
MaterialsPercent complete | 100 | % | Direct labor added | 237,680 | |||||
ConversionPercent complete | 40 | % | Overhead applied (71% of direct labor) | 168,094 | |||||
Total costs to account for | $ | 784,792 | |||||||
Ending work in process inventory | $ | 90,197 | |||||||
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.)
$ 0 Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: $ 0 Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method % EUP- % Units EUP- Materials Materials Conversion Conversion Total units Cost per equivalent unit of production Materials Conversion Costs EUP 0 0 Total cost Total costs Costs Equivalent units of production EUP Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Cost per Cost of units transferred out: EUP EUP Direct materials Conversion Total costs transferred out Cost per Costs of ending work in process EUP EUP Direct materials $ 0.00 Conversion $ 0.00 Total cost of ending work in process Total costs accounted for Total costStep by Step Solution
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