2. 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. 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 Total beginning WIP cost Costs added this period Direct materials Conversion Total costs added this period Total costs to account for Unit reconciliation: Units to account for: Units accounted for: Equivalent Units of Production (EUP) Equivalent Units of Production Cost per equivalent unit of production Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion $ 2,978 5,628 205,350 246,392 Total costs accounted for Units 4,100 12,500 13,400 3,200 Production Cost Report - Weighted Average Method For Month Ended May 31 451,742 $460,348 Units $8,606 Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Cost Assignment EUP Direct Materials % Complete EUP % Complete Direct Materials Costs EUP 100% Cost per EUP Cost per EUP EUP Conversion Cost % Complete Direct Materials Total cost Total cost 30% Conversion % Complete Costs EUP EUP Conversion

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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.