(a) How many units are in process at May 31? Your answer is correct. Work in process inventory (b) eTextbook and Media Your Answer Correct Answer (Used) What is the unit materials cost for May? (Round answer to 2 decimal places, es 12.55.) Unit materials cost Your answer is correct. (d) Unit conversion cost $ What is the unit conversion cost for May? (Round answer to 2 decimal places, e.g. 12.55.) eTextbook and Media 4:00 420 What is the total cost of units completed and transferred out in May? Total cost of units transferred out S Attempts: 2 of 3 used Attempts: 1 of 3 used
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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![The ledger of Sunland Company has the following work in process inventory account:
5/1
5/31
5/31
Balance
Direct materials
Factory labour
5/31
5/31 Balance
Manufacturing overhead
Work in Process Inventory-Painting
$3,520
7,310
2,380
254
$?
5/31
Completed and transferred out $?
Production records show that there were 420 units in the beginning inventory, 35% complete, 1,160 units started into production, and
1,160 units completed and transferred out. The beginning work in process inventory had materials costs of $2,170 and 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff915be11-62cc-459b-acc8-f8e7c72b35f2%2F7173b28e-c49c-44e1-8306-24f76c5e7480%2Fg66vgde_processed.jpeg&w=3840&q=75)
![(a)
How many units are in process at May 31?
Your answer is correct.
Work in process inventory
(b)
eTextbook and Media
Your Answer
Correct Answer (Used)
What is the unit materials cost for May? (Round answer to 2 decimal places, es 12.55.)
Unit materials cost
Your answer is correct.
(d)
What is the unit conversion cost for May? (Round answer to 2 decimal places, e.g. 12.55.)
Unit conversion cost $
eTextbook and Media
420
What is the total cost of units completed and transferred out in May?
Total cost of units transferred out $
Touthandarti
Attempts: 2 of 3 used
Attempts: 1 of 3 used
QL](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff915be11-62cc-459b-acc8-f8e7c72b35f2%2F7173b28e-c49c-44e1-8306-24f76c5e7480%2Fcil4bw_processed.jpeg&w=3840&q=75)
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