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The ledger of American Company has the following work in process account. Work in Process-Painting 5/1 Balance 3,890 5/31 Transferred out ? 5/31 Materials
The ledger of American Company has the following work in process account. Work in Process-Painting 5/1 Balance 3,890 5/31 Transferred out ? 5/31 Materials 5,320 5/31 Labor 3,018 5/31 Overhead 1,380 5/31 Balance ? Production records show that there were 400 units in the beginning inventory, 30% complete, 1,700 units started, and 1,400 units transferred out. The beginning work in process had materials cost of $2,240 and conversion costs of $1,650. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
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