Please do part C Exercise 16-3 (Part Level Submission) The ledger of American Co

Question

Please do part C

Exercise 16-3 (Part Level Submission) The ledger of American Company has the following work in process account. Work in Process-Painting 5/1 Balance 3,690 5/31 Transferred 5/31 Materials 5,740 5/31 Labor 2,830 5/31 Overhead 1,280 out 5/31 Balance? Production records show that there were 500 units in the beginning inventory, 30% complete, 1,680 units started, and 1,440 units transferred out. The beginning work in process had materials cost of $2,540 and conversion costs of $1,150. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Your answer is incorrect. Try again. How many units are in process at May 31? Work in process, May 312.59 units

Explanation / Answer

Beginning work in process 500 completed & transferred 1,440 Started during the year 1,680 Ending Work in process 740 units to be accounted 2180 units accounted for 2,180 Equivalent units % materials % cc completed & transferred 1,440 100% 1,440 100% 1,440 Ending work in process 740 100% 740 40% 296 Equivalent units 2,180 1,736 Cost per units Materials CC beginning work in process 2,540 1,150 cost added during the year 5,740 4110 total cost 8,280 5,260 Equivalent units 2,180 1,736 cost per unit 3.798 3.030 Work in process ,May 31 740 units the unit material cost for may 3.798 the unit conversion cost for may 3.030

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