Exercise 17-3 (Part Level Submission) The ledger of American Company has the following work in process account. Work in Process-Painting Balance 3,7905/31 Transferred out? 5/1 5/31 Materials 5,560 5/31 Labor /31 Overhead 1,680 5/31 Balance 2,930 and 1,480 units transferred out. The beginning work in process Production records show that here were 530 units in he beginning inventory, 30% complete, 1,750 units started, materials cost of $2,840 and conversion costs of $950. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. had