3.00 points Oslo Company produces large quanties of a standardized product The f

Question

3.00 points Oslo Company produces large quanties of a standardized product The following information is availa) for its production activities for May product The foilowingiave Costs Beginning work in process inventory Units Beginning work in process Inventory Started 4,800 16,000 Direct materials Conversion 3,680 7,518 Ending work in process inventory 4,600 Direct materials added Direct labor added Overhead applied (70.45% of direct labor) S 11,198 264,840 171,680 120,957 Status of ending work in process inventory 100% 25 % Total costs to account for $ 568,475 Ending work in process inventory 65,336 Prepare a process summary report for his ompany, showing costs charged to production, unit cost information, equivaient 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.) Total costs to account for Total costs accounted for aps lock

Explanation / Answer

Equivalent units of production (EUP) (weighted average method)

particulars                                               Units        %materials EUPmaterials %conversion EUPconversion

Completed units                                    16200            100%           16200            100%              16200

Work in progress                                    4600             100%           4600               25%               1150

Total units                                            20800                               20800                                   17350

Cost per equivalent unit of producton

Particulars                                                                          Materials $                    Conversion $

Cost of opening work in progress                                             3680 7518

Cost incurred during current period    264640    292637 (171680+120957)

Total cost      268320                        300155

Equivalent units                                                                      20800                            17350

cost per unit      cost / equivalent units                                      12.9                               17.3

Total cost accounted for :

Cost of units transfered out                     EUP               Cost per EUP     Total cost

Direct materials                                     16200                   12.9              208980

Conversion                                            16200                   17.3              280260

Total cost transfered out                                                                                               489240

Cost of Ending work in progress          

Material       4600                    12.9               59340

Conversion                                            1150                     17.3               19895

Total cost of ending work in progress                                                                             79235

Total cost accounted for                                                                                                 568475

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