Question
The ledger of American Company has the following work in process account. Work in ProcessPainting 5/1Balance3,8905/31Transferred out?5/31Materials5,9005/31Labor3,0665/31Overhead2,4805/31Balance? Production records show that there were600units in the
The ledger of American Company has the following work in process account.
Work in ProcessPainting
5/1Balance3,8905/31Transferred out?5/31Materials5,9005/31Labor3,0665/31Overhead2,4805/31Balance?
Production records show that there were600units in the beginning inventory, 30% complete,1,800units started, and1,500units transferred out. The beginning work in process had materials cost of $2,740and conversion costs of $1,150. 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?
What is the unit materials cost for May?(Round unit cost to 2 decimal places, e.g. 2.25.)
What is the unit conversion cost for May?(Round unit cost to 2 decimal places, e.g. 2.25.)
What is the total cost of units transferred out in May?
What is the cost of the May 31 inventory?
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