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. Note: Round "Cost per EUP" to 2 decimal places. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period i Direct materials Conversion Total costs to account for Units 5,800 21,000 20,200 6,600 $ 4,684 10,218 354,440 440,192 Direct Materials Percent Complete 100% $ 14,902 794,632 $ 809,534 Conversion Percent Complete. 20%
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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![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.
Note: Round "Cost per EUP" to 2 decimal places.
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Beginning work in process inventory.
Direct materials
Conversion
Coats added this period
Direct materials
Conversion
Total costs to account for
Units
5,800
21,000
20,200
6,600
$ 4,684
10,218
354,440
440, 192
Direct
Materials Conversion
Percent
Complete
100%
$ 14,902
794,632
$ 809,534
Percent
Complete.
20%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2ed5e6c-0d63-4e2f-81c7-ef354af209b5%2Fd2381fac-60fc-4d19-b571-f22cc1fd13b8%2Fddtvv2d_processed.jpeg&w=3840&q=75)
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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
Equivalent Units of Production.
Cost per equivalent unit of production
OSLO COMPANY-First Department
Production Cost Report-Weighted Average Method
For Month Ended May 31
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
Units
EUP
EUP
Direct Materials
% Complete
Costs
EUP
Cost per EUP
Cost per EUP
EUP
Direct Materials
Total cost
Total cost
Conversion
% Complete
Costs
EUP
EUP
Conversion](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd2ed5e6c-0d63-4e2f-81c7-ef354af209b5%2Fd2381fac-60fc-4d19-b571-f22cc1fd13b8%2F50iuqf_processed.jpeg&w=3840&q=75)
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