Question

Oslo company produces large quantities of a standard product. The following information is available for its production activities for may.

Prepare a process

5 for May 20 points tnding work in process inventory ,800 ersion 11.838 Status of ending work in process inventory Direct neterials added conplete Total costs to account for of cost per EUP and its cost assignment and reconciliation. Use the weighted-average method Total costs accounted for eR Type here to search

Answer 1

Answers

• All working required forms part of the answer

Total Cost to account for:
Cost of beginning WIP	$                      17,118.00
Costs incurred this period	$                    843,717.00
Total Cost to account for	$                    860,835.00
Total costs accounted for	$                    860,835.00
Difference due to rounding cost/unit	$                                      -

Units Reconciliation
Units to account for:
Beginning WIP	6,400
Units started this period	24,000
Total Units to account for	30,400
Total Units accounted for:
Completed & Transferred out	22,600 [30400 – 7800]
Ending WIP	7,800
Total Units accounted for	30,400

EUP - Weighted Average Method	Units	% Material	EUP Materials	% Conversion	EUP - Conversion
Units TRANSFERRED	22,600	100%	22,600	100%	22,600
Units of ENDING WIP	7,800	100%	7,800	25%	1,950
Equivalent Units of Production			30,400		24,550

COST per EUP			Material		Conversion
Cost of Beginning WIP			$             5,280.00		$                                  11,838.00
Cost incurred during the period			$        411,200.00		$                                432,517.00
Total Costs		Costs	$        416,480.00	Costs	$                                444,355.00
Equivalent units of production		EUP	30,400	EUP	24,550
Cost per EUP			$            13.70		$                                   18.10

TOTAL COST ACCOUNTED FOR
Cost of Units Transferred Out	EUP	Cost per EUP	Total Cost
- Direct Materials	22,600	$                    13.70	$        309,620.00
- Conversion	22,600	$                    18.10	$        409,060.00
Total Cost transferred Out				$            718,680.00
Cost of ending WIP	EUP	Cost per EUP	Total Cost
- Direct Materials	7,800	$                   13.70	$        106,860.00
- Conversion	1,950	$                    18.10	$          35,295.00
Total cost of ending WIP				$            142,155.00
Total costs accounted for					$                                860,835.00