Exercise 17-19

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

3/1Balance3,680

3/31Materials6,600

3/31Labor2,400

3/31Overhead1,150

Production records show that there were800units in the beginning inventory, 30% complete,1,100units started, and1,500units transferred out. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Hasgrove uses the FIFO method to compute equivalent units. Answer and solve these 4 questions

• What is the unit materials cost for March?

• What is the total cost of units started in February and completed in March?

• What is the total cost of units started and finished in March?

• What is the cost of the March 31 inventory?