Question 1 The ledger of Magdy Company has the following work in process account: Balance $3,570 Transferred out 5/31 Materials 7,340 5/31 Labour 2,430 1,276 5/31 $? Overhead Balance Production records show that there were 410 units in the beginning inventory, 35% complete, 1,150 units started, and 1,150 units transferred out. The beginning work in process had materials costs of $2,020 and conversion costs of $1,550. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process