Oslo Company produces large quanties of a standardized produ

Oslo Company produces large quanties of a standardized product. The following information is available for its production activities for May Units Costs 4,700 Beginning work in process inventory Beginning work in process inventory Started $3, 580 7,248 15,500 Direct materials Ending work in process inventory 4,400 Conversion 10, 828 255, 990 165, 680 129, 982 $562,480 5 64, 647 status of ending work in process inventory Direct materials added 100% Direct labor added Materials-Percent complete Conversion-Percent complete 40% overhead applied (78% of direct Total costs to account for Ending work in process inventory summary report for this company, showing costs charged to production, unit cost information, equivalent t assignment and reconciliation. Use the weighted-average method. (Do not round units of production, cost per EUP, and its cos intermediate calculations. Round \"Cost per EUP\" to 2 decimal places)

Solution

Total costs to account for: Costs of beginning work in process 10828 Cost of goods manufactured 551652 Total costs to account for: 562480 Total costs accounted for 562480 Difference due to rounding cost/unit 0 Unit reconciliation: Units to account for: Beginning work in process inventory 4700 Units started this period 15500 Total units to account for 20200 Total units accounted for: Units completed and transferred out 15800 Ending work in process 4400 Total units accounted for 20200 Equivalent units of production (EUP) - weighted average method Units % Materials EUP-Materials % Conversion EUP-Conversion Units completed and transferred out 15800 100% 15800 100% 15800 Ending work in process 4400 100% 4400 40% 1760 Total units 20200 17560 Cost per equivalent unit of production Materials Conversion Cost of beginning work in process 3580 7248 Costs incurred this period 255990 295662 Total costs Costs 259570 Costs 302910 ÷ Equivalent units of production EUP 20200 EUP 17560 Cost per equivalent unit of production (rounded to 2 decimals) 12.85 17.25 Total costs accounted for: Cost of units transferred out EUP Cost per EUP Total cost Direct materials 15800 12.85 203030 Conversion 15800 17.25 272550 Total costs transferred out 475580 Costs of ending work in process EUP Cost per EUP Total cost Direct materials 4400 12.85 56540 Conversion 1760 17.25 30360 Total cost of ending work in process 86900 Total costs accounted for 562480