The ledger of Blossom Company has the following work in process inventory account. 5/1 Balance 5/31 Direct materials 5/31 Direct labor 4,550 5/31 Manufacturing overhead 1,880 5/31 Balance Work in process, May 31 eTextbook and Media Production records show that there were 600 units in the beginning inventory, 30% complete, 1,800 units started into production, and 1,600 units completed and transferred out. The beginning work in process had materials cost of $2,640 and conversion costs of $1,250. 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. How many units are in process at May 31? Work in Process-Painting eTextbook and Media 3,890 6,960 The unit materials cost for May $ ? What is the unit materials cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.) The unit conversion cost for May eTextbook and Media What is the unit conversion cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.) eTextbook and Media 5/31 Completed and transferred out ? Work in process $ $ What is the total cost of units completed and transferred out in May? The total cost of units transferred out in May $ units What is the cost of the May 31 work in process inventory?
The ledger of Blossom Company has the following work in process inventory account. 5/1 Balance 5/31 Direct materials 5/31 Direct labor 4,550 5/31 Manufacturing overhead 1,880 5/31 Balance Work in process, May 31 eTextbook and Media Production records show that there were 600 units in the beginning inventory, 30% complete, 1,800 units started into production, and 1,600 units completed and transferred out. The beginning work in process had materials cost of $2,640 and conversion costs of $1,250. 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. How many units are in process at May 31? Work in Process-Painting eTextbook and Media 3,890 6,960 The unit materials cost for May $ ? What is the unit materials cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.) The unit conversion cost for May eTextbook and Media What is the unit conversion cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.) eTextbook and Media 5/31 Completed and transferred out ? Work in process $ $ What is the total cost of units completed and transferred out in May? The total cost of units transferred out in May $ units What is the cost of the May 31 work in process inventory?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Concept explainers
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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Transcribed Image Text:The ledger of Blossom Company has the following work in process inventory account.
5/1 Balance
5/31 Direct materials
5/31 Direct labor
4,550
5/31 Manufacturing overhead 1,880
5/31 Balance
Work in process, May 31
Production records show that there were 600 units in the beginning inventory, 30% complete, 1,800 units started into production,
and 1,600 units completed and transferred out. The beginning work in process had materials cost of $2,640 and conversion costs of
$1,250. 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.
eTextbook and Media
How many units are in process at May 31?
Work in Process-Painting
eTextbook and Media
3,890 5/31 Completed and transferred out ?
6,960
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 $
?
The unit conversion cost for May
eTextbook and Media
What is the unit conversion cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.)
eTextbook and Media
Work in process $
$
What is the total cost of units completed and transferred out in May?
The total cost of units transferred out in May $
units
What is the cost of the May 31 work in process inventory?
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