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The ledger of Crane Company has the following work in process account. Work in ProcessPainting 3/1 Balance 3,400 3/31 Transferred out ? 3/31 Materials 6,050
The ledger of Crane Company has the following work in process account.
| Work in ProcessPainting | |||||
| 3/1 | Balance | 3,400 | 3/31 | Transferred out | ? |
| 3/31 | Materials | 6,050 | |||
| 3/31 | Labor | 2,000 | |||
| 3/31 | Overhead | 1,536 | |||
| 3/31 | Balance | ? | |||
Production records show that there were 800 units in the beginning inventory, 30% complete, 1,100 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. Crane uses the FIFO method to compute equivalent units. Answer the following questions
| The unit conversion cost for March? |
What is the total cost of units transferred out in March?
What is the cost of the May 31 inventory?
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