Question
The ledger ofIvanhoeCompany has the following work in process inventory account. Work in ProcessPainting 5/1Balance3,6905/31Completed and transferred out?5/31Direct materials8,6605/31Direct labor4,0985/31Manufacturing overhead2,2805/31Balance? Production records show that
The ledger ofIvanhoeCompany has the following work in process inventory account.
Work in ProcessPainting
5/1Balance3,6905/31Completed and transferred out?5/31Direct materials8,6605/31Direct labor4,0985/31Manufacturing overhead2,2805/31Balance?
Production records show that there were500units in the beginning inventory, 30% complete,1,700units started into production, and1,600units completed and transferred out. The beginning work in process had materials cost of $2,340and conversion costs of $1,350. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process.
(a)
How many units are in process at May 31?
Work in process, May 31enter the number of units in process at May 31
units
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(b)
What is the unit materials cost for May?(Round unit cost to 2 decimal places, e.g. 2.25.)
The unit materials cost for May$
enter the unit materials cost for May in dollars rounded to 2 decimal places
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(c)
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$
enter the unit conversion cost for May in dollars rounded to 2 decimal places
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(d)
What is the total cost of units completed and transferred out in May?
The total cost of units transferred out in May$
enter the total cost of units completed and transferred out in May in dollars
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