Oslo Company produces large quantities of a standardized product.
Question # 00192281
Posted By:
Updated on: 02/10/2016 10:50 PM Due on: 03/11/2016
14)
Oslo Company produces large quantities of a standardized product. The following information is available for its production activities for May. |
| Units | Costs | ||||||
| Beginning work in process inventory | 6,100 | Beginning work in process inventory | |||||
| Started | 22,500 | Direct materials | $ | 4,980 | |||
| Ending work in process inventory | 7,200 | Conversion | 11,028 | ||||
| $ | 16,008 | ||||||
| Status of ending work in process inventory | Direct materials added | 382,550 | |||||
| Materials—Percent complete | 100 | % | Direct labor added | 249,680 | |||
| Conversion—Percent complete | 30 | % | Overhead applied (64.96% of direct labor) | 162,194 | |||
| Total costs to account for | $ | 810,432 | |||||
| Ending work in process inventory | $ | 93,144 |
Prepare a process cost summary report for this company, showing costs charged to production, unit cost information, equivalent 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.) |
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Rating:
/5
Solution: Oslo Company produces large quantities of a standardized product.