Question
Allstar Painting has the following work in process account: Work in Process Inventory 5/1 Balance $3,570 5/31 Transferred out $? 5/31 Materials added 6,460 5/31
Allstar Painting has the following work in process account:
Work in Process Inventory
5/1 Balance $3,570 5/31 Transferred out $?
5/31 Materials added 6,460
5/31 Labour 2,400
5/31 Manufacturing Overhead 1,623
5/31 Balance $?
Production records show that there were 400 units in the beginning inventory, 30% complete, 1,200 units started, and 1,200 units transferred out.
The beginning work in process had materials costs of $2,020 and conversion costs of $1,550. The units in ending inventory were 60% complete.
Materials are entered at the beginning of the painting process. Conversion costs are incurred evenly throughout the process.
a. How many units are in process on May 31?
b. What is the unit materials cost for May?
c. What is the unit conversion cost for May?
d. What is the total cost of units transferred out in May?
e. What is the cost of the May 31 inventory?
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