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The ledger of American Company has the following work in process account. Work in ProcessPainting 5/1 Balance 3,690 5/31 Transferred out ? 5/31 Materials 6,840
The ledger of American Company has the following work in process account.
Work in ProcessPainting | |||||
5/1 | Balance | 3,690 | 5/31 | Transferred out | ? |
5/31 | Materials | 6,840 | |||
5/31 | Labor | 4,230 | |||
5/31 | Overhead | 1,280 | |||
5/31 | Balance | ? |
Production records show that there were 480 units in the beginning inventory, 30% complete, 1,760 units started, and 1,410 units transferred out. The beginning work in process had materials cost of $2,840 and conversion costs of $850. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
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