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Exercise 16-03 The ledger of American Company has the following work in process account. Work in ProcessPainting 5/1 Balance 3,790 5/31 Transferred out ? 5/31

Exercise 16-03

The ledger of American Company has the following work in process account.

Work in ProcessPainting

5/1 Balance 3,790 5/31 Transferred out ?
5/31 Materials 5,930
5/31 Labor 4,068
5/31 Overhead 2,280
5/31 Balance ?
Production records show that there were 600 units in the beginning inventory, 30% complete, 1,700 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $3,040 and conversion costs of $750. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
Your answer is correct.
How many units are in process at May 31?
Work in process, May 31 enter a number of units in process at May 31

units

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What is the unit materials cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.)
The unit materials cost for May $enter a dollar amount of the unit materials cost for May rounded to 2 decimal places

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What is the unit conversion cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.)
The unit conversion cost for May $enter a dollar amount of the unit conversion cost for May rounded to 2 decimal places

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What is the total cost of units transferred out in May?
The total cost of units transferred out in May $enter a dollar amount of the total cost of units transferred out in May

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What is the cost of the May 31 inventory?
Work in process $enter a dollar amount of the cost of the inventory on May 31

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