Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please fill out the production cost report. Oslo Company produces large quantities of a standardized product. The following information is available for the first production
Please fill out the production cost report.
Oslo Company produces large quantities of a standardized product. The following information is available for the first production department for May. Prepare a production cost report for this process using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Direct Materials Percent Complete Conversion Percent Complete Units Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory 100% 25% Beginning work in process inventory Direct materials $ 2,880 5,358 Conversion $ 8,238 Costs added this period Direct materials 197, 120 234,992 Conversion 432,112 Total costs to account for $ 440,350 OSLO COMPANY-First Department Production Cost Report - Weighted Average Method For Month Ended May 31 Unit reconciliation: Units to account for: Total units to account for Units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method Direct Materials Units Equivalent Units of Production Cost per equivalent unit of production Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for 4,000 12,000 13,000 3,000 EUP EUP % Complete Costs EUP Cost per EUP Cost per EUP $ $ 0.00 0.00 EUP Direct Materials Total cost Total cost $ 0 0 0 Conversion % Complete Costs EUP EUP Conversion 0Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started