The ledger of American Company has the following work in process account. Work in Process—Painting 5/1  Balance  3,890   5/31 Transferred out ? 5/31  Materials  5,900        5/31  Labor  3,066        5/31  Overhead  2,480        5/31  Balance  ?       Production records show that there were 600 units in the beginning inventory, 30% complete, 1,800 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,740 and conversion costs of $1,150. 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   enter a number of units in process at 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   $enter a dollar amount of the unit materials cost for May rounded to 2 decimal places    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 a dollar amount of the unit conversion cost for May rounded to 2 decimal places

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The ledger of American Company has the following work in process account.

Work in Process—Painting
5/1  Balance  3,890   5/31 Transferred out ?
5/31  Materials  5,900       
5/31  Labor  3,066       
5/31  Overhead  2,480       
5/31  Balance  ?      

Production records show that there were 600 units in the beginning inventory, 30% complete, 1,800 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,740 and conversion costs of $1,150. 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  
enter a number of units in process at 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  
$enter a dollar amount of the unit materials cost for May rounded to 2 decimal places 

 

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 a dollar amount of the unit conversion cost for May rounded to 2 decimal places 
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