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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

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

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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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
Transcribed Image Text: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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