Summarize total costs to account for (process costing Step 3) (Learning Objective 3)

McIntyre Industries’ Work in Process Inventory account had a $68,000 beginning balance on May 1 ($40,000 of this related to direct materials used during April, while $28,000 related to conversion costs incurred during April). During May, the following costs were incurred in the department:

Summarize the department’s “Total costs to account for.” Prepare a schedule (similar to Exhibit 4-7) that summarizes the department’s total costs to account for by direct materials and conversion costs.

Transcribed Image Text:

Direct materials used................. Direct labor....... Manufacturing overhead allocated to the department. $106,000 18,000 154,000