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Please provide explanation PROBLEM 3-1. Comprehensive Problem, One Department [LO 2] Regal Polish manufactures a single product in one department and uses a process costing

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PROBLEM 3-1. Comprehensive Problem, One Department [LO 2] Regal Polish manufactures a single product in one department and uses a process costing system. At the start of May, there were 11,000 units in process that were 100 percent complete with respect to direct material and 60 percent complete with respect to conversion costs (labor and overhead). During the month, the company began production of 105,000 units Ending Work in Process inventory consisted of 5,100 units that were 100 percent complete with respect to material and 70 percent complete with respect to conversion costs. Cost Information Beginning Work in Process Costs Added in May Direct material Direct labor Manufacturing overhead Total $4,000 200 300 $76,040.00 8,957.60 10,002.30 $94,999.90 $4,500

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