Oslo Company produces large quantities of a standardized product. The following information is available for...
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Accounting
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
4,900
Beginning work in process inventory
Started
16,500
Direct materials
$
3,780
Ending work in process inventory
4,800
Conversion
7,788
$
11,568
Status of ending work in process inventory
Direct materials added
273,350
MaterialsPercent complete
100
%
Direct labor added
177,680
ConversionPercent complete
30
%
Overhead applied (72% of direct labor)
127,526
Total costs to account for
$
590,124
Ending work in process inventory
$
67,824
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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