Exercise 3-17 Weighted Average: Process cost summary LO C3

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	5,800		Beginning work in process inventory
Started	21,000		Direct materials	$	4,680
Ending work in process inventory	6,600		Conversion		10,218
							$	14,898
Status of ending work in process inventory			Direct materials added					354,440
MaterialsPercent complete	100	%	Direct labor added					231,680
ConversionPercent complete	20	%	Overhead applied (61% of direct labor)					141,158
			Total costs to account for				$	742,176
			Ending work in process inventory				$	87,324

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.)

Total costs to account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Unit reconciliation: Units to account for: Total units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP)- weighted average method Units % Materials EUP- Materials % Conversion EUP-Conversion Total units Cost per equivalent unit of production Materials Conversion Total costs Costs Costs Equivalent units of production EUP EUP Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials Conversion Total cost of ending work in process Total costs accounted for