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Oslo Company produces large quantities of a standardized product. The following information is available for the first productio 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. Direct materials Conversion Total costs to account for Units 5,100 17,500 17,400 5,200 $ 4,016 8,328 290,950 360,392 Direct Materials Conversion Percent Complete 100% $ 12,344 651,342 $ 663,686 Percent Complete 40%

Oslo Company produces large quantities of a standardized product. The following information is available for the first productio 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. Direct materials Conversion Total costs to account for Units 5,100 17,500 17,400 5,200 $ 4,016 8,328 290,950 360,392 Direct Materials Conversion Percent Complete 100% $ 12,344 651,342 $ 663,686 Percent Complete 40%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Costs added this period Direct materials Conversion Total costs to account for Units 5,100 17,500 17,400 5,200 $ 4,016 8,328 290,950 360,392 Direct Materials Conversion Percent Percent Complete Complete 100% $ 12,344 651,342 $663,686 40%
Transcribed Image Text: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 Direct materials Conversion Total costs to account for Units 5,100 17,500 17,400 5,200 $ 4,016 8,328 290,950 360,392 Direct Materials Conversion Percent Percent Complete Complete 100% $ 12,344 651,342 $663,686 40%
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 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 OSLO COMPANY-First Department Production Cost Report-Weighted Average Method For Month Ended May 31 Ending work in process Direct materials Conversion Total costs accounted for Units EUP EUP Direct Materials % Complete Costs EUP Cost per EUP EUP Direct Materials Cost per EUP Total cost Total cost Conversion % Complete Costs EUP EUP Conversion
Transcribed Image Text: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 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 OSLO COMPANY-First Department Production Cost Report-Weighted Average Method For Month Ended May 31 Ending work in process Direct materials Conversion Total costs accounted for Units EUP EUP Direct Materials % Complete Costs EUP Cost per EUP EUP Direct Materials Cost per EUP Total cost Total cost Conversion % Complete Costs EUP EUP Conversion
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