The ledger of Lily Company has the following work in process account.
Work in ProcessPainting |
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.
How many units are in process at May 31? Work in process, May 31 | | | units | | | | |
| What is the unit materials cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.) The unit materials cost for May | | $ | | | | |
| What is the unit conversion cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.) The unit conversion cost for May | | $ | | | | |
| What is the total cost of units transferred out in May? The total cost of units transferred out in May | | $ | | | | |
| What is the cost of the May 31 inventory? | | |