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. 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.)

image text in transcribed

$ 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 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

Step: 3

blur-text-image

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

Accounting Principles Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

9th Canadian Edition

978-1119786634, 1119786630

More Books

Students also viewed these Accounting questions