*Exercise 16-3 The ledger of American Company has the following work in process account. ? Work in Process-Painting 5/1 Balance 3,790 5/31 Transferred out 5/31 Materials 5,790 5/31 Labor 2,830 5/31 Overhead 2,280 5/31 Balance Production records show that there were 470 units in the beginning inventory, 30% complete, 1,710 units started, and 1,450 units transferred out. The beginning work in process had materials cost of $2,140 and conversion costs of $1,650. The units in ending inventory were 40% complete. Materials are entered at the beginning or Your answer is correct. How many units are in process at May 31? Work in process, May 31 730 units x Your answer is incorrect. Try again. What is the unit materials cost for May? (Round unit cost to 3 decimal places, e.g. 2.257.) The unit materials cost for May 17930 x Your answer is incorrect. Try again. What is the unit conversion cost for May? (Round unit cost to 3 decimal places, e.g. 2.257.) The unit conversion cost for May 2180 x Your answer is incorrect. Try again. What is the total cost of units transferred out in May? (Round answer to O decimal places, e.g. 1,225.) The total cost of units transferred out in May 3.64 x Your answer is incorrect. Try again. What is the cost of the May 31 inventory? (Round answer to 0 decimal places, e.g. 1,225.) Work in process |