* Question 1 The ledger of Magdy Company has the following work in process account: Balance Work in Process-Painting $3,510 5/31 Transferred out 5,760 5/1 5/31 $? Materials Labour 2,000 5/31 5/31 Overhead 366 5/31 Balance $? Production records show that there were 380 units in the beginning inventory, 35% complete, 1,160 units started, and 1,160 units transferred out. The beginning work in process had materials costs of $1,940 and conversion costs of $1,570. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. How many units are in process at May 31? Work in process What is the unit materials cost for May? (Round answer to 2 decimal places, e.g. 12.55.) Unit materials cost $ What is the unit conversion cost for May? (Round answer to 2 decimal places, e.g. 12.55.) Unit conversion cost What is the total cost of units transferred out in May? Total cost of units transferred out $ What is the cost of the May 31 inventory? The cost of the inventory $