Exercise 3-3 (Video) The ledger of American Company has the following work in process account. Work in Process-Painting 5/1 Balance 3,8905/31 Transferred out 5/31 Materials 5/31 Labor 5,320 3,018 1,380 5/31 Overhead 5/31 Balance Production records show that there were 400 units in the beginning inventory, 30% complete, 1,700 units started, and 1,400 units transferred out. The beginning work in process had materials cost of $2,240 and conversion costs of $1,650. 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 31 700 units SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE ur answer is incorrect. Try again. 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 3.886 LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Your answer is correct. 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 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE x Your answer is incorrect. Try again. What is the total cost of units transferred out in May? The total cost of units transferred out in May 10,480 LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE x Your answer is incorrect. Try again. What is the cost of the May 31 inventory? Work in process 4,428 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE