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 Conversion Units % Complete EUP % Complete EUP Equivalent Units of Production Cost per equivalent unit of production Direct Materials Conversion Total costs Costs Costs - Equivalent units of production EUP EUP Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion Ending work in process EUP Cost per EUP Total cost Direct materials $ 0.00 Conversion $ 0.00 Total costs accounted for %24 %24

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 Conversion Units % Complete EUP % Complete EUP Equivalent Units of Production Cost per equivalent unit of production Direct Materials Conversion Total costs Costs Costs - Equivalent units of production EUP EUP Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment Completed and transferred out EUP Cost per EUP Total cost Direct materials Conversion Ending work in process EUP Cost per EUP Total cost Direct materials $ 0.00 Conversion $ 0.00 Total costs accounted for %24 %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A process manufacturer that uses the weighted-average method reports the following. Beginning work in process inventory Units completed and transferred out Ending work in process inventory Equivalent units of production for conversion are: Multiple Choice O 125,200. Units 38,000 108,000 43,000 Conversion Percent Complete 80% 40%
Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to 5599,780 in total. The ending work in process inventory in January consisted of 3,000 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and…
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A paint producer reports the following information: Units Conversion Percent Complete Beginning work in process inventory 404,000 30% Units started this period 788,000 Units completed and transferred out 848,000 Ending work in process inventory 344,000 65% A company uses the weighted-average method. What are total equivalent units of production for conversion costs?
Elliott Company... (see pictures).
6. Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 9,000 units. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Units Accounted For: Total Units Material Units…