Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 42 The ledger of Platt Company has the following work in process account: $? 3/1 3/31 3/31 3/31 Work in Process-Painting Balance $3,080 3/31

image text in transcribedimage text in transcribed

Question 42 The ledger of Platt Company has the following work in process account: $? 3/1 3/31 3/31 3/31 Work in Process-Painting Balance $3,080 3/31 Transferred out Materials 7,680 Labour 2,230 Overhead 1,384 3/31 Balance ? Production records show that there were 700 units in the beginning inventory, 30% complete, 1,200 units started, and 1,400 units transferred out. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Platt uses the FIFO method to calculate equivalent units. How many units are in process at March 31? Work in process, March 31 units What is the unit materials cost for March? (Round unit cost to 2 decimal places, e.g. 15.25.) Unit cost What is the unit conversion cost for March? (Round unit cost to 2 decimal places, e.g. 15.25.) Unit cost What is the total cost of units started in February and completed in March? Total cost What is the total cost of units started and finished in March? Total cost What is the cost of the March 31 inventory? Total cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

(1), 4761.

Answered: 1 week ago