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The ledger of American Company has the following work-in-process account. Work in Process- Painting Transferred 5/1 Balance 3,790 5/31 ? out 5/31 Materials 6,990 5/31 Labor 3,130 Overhead 1,580 5/31 5/31 Balance ? Production records show that there were 500 units in the beginning inventory, 30% complete, 1,630 units started, and 1,500 units transferred out. The beginning work in process had a materials cost of $2,840 and conversion costs of $950. The units in the ending inventory were 40% complete. Materials are entered at the beginning of the painting process. a. How many units are in process at May 31? b. What is the unit materials cost for May?

The ledger of American Company has the following work-in-process account. Work in Process- Painting Transferred 5/1 Balance 3,790 5/31 ? out 5/31 Materials 6,990 5/31 Labor 3,130 Overhead 1,580 5/31 5/31 Balance ? Production records show that there were 500 units in the beginning inventory, 30% complete, 1,630 units started, and 1,500 units transferred out. The beginning work in process had a materials cost of $2,840 and conversion costs of $950. The units in the ending inventory were 40% complete. Materials are entered at the beginning of the painting process. a. How many units are in process at May 31? b. What is the unit materials cost for May?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The ledger of American Company has the following work-in-process account. Work in Process- Painting Transferred 5/1 Balance 3,790 5/31 ? out 5/31 Materials 6,990 5/31 Labor 3,130 Overhead 1,580 5/31 5/31 Balance ? Production records show that there were 500 units in the beginning inventory, 30% complete, 1,630 units started, and 1,500 units transferred out. The beginning work in process had a materials cost of $2,840 and conversion costs of $950. The units in the ending inventory were 40% complete. Materials are entered at the beginning of the painting process. a. How many units are in process at May 31? b. What is the unit materials cost for May?
Transcribed Image Text:The ledger of American Company has the following work-in-process account. Work in Process- Painting Transferred 5/1 Balance 3,790 5/31 ? out 5/31 Materials 6,990 5/31 Labor 3,130 Overhead 1,580 5/31 5/31 Balance ? Production records show that there were 500 units in the beginning inventory, 30% complete, 1,630 units started, and 1,500 units transferred out. The beginning work in process had a materials cost of $2,840 and conversion costs of $950. The units in the ending inventory were 40% complete. Materials are entered at the beginning of the painting process. a. How many units are in process at May 31? b. What is the unit materials cost for May?
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