The ledger of American Company has the following work in process account.

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Exercise 16-3

The ledger of American Company has the following work in process account.

Work in Process—Painting
5/1 Balance 3,690  5/31 Transferred out ?
5/31 Materials 6,870
5/31 Labor 3,130
5/31 Overhead 2,280      
5/31 Balance ?

Production records show that there were 510 units in the beginning inventory, 30% complete, 1,730 units started, and 1,590 units transferred out. The beginning work in process had materials cost of $2,340 and conversion costs of $1,350. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.

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How many units are in process at May 31?

Work in process, May 31 659  units

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What is the unit materials cost for May? (Round unit cost to 3 decimal places, e.g. 2.257.)

The unit materials cost for May $

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What is the unit conversion cost for May? (Round unit cost to 3 decimal places, e.g. 2.257.)

The unit conversion cost for May $

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What is the total cost of units transferred out in May? (Round answer to 0 decimal places, e.g. 1,225.)

The total cost of units transferred out in May $

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What is the cost of the May 31 inventory? (Round answer to 0 decimal places, e.g. 1,225.)

Work in process $

 

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