The ledger of Tombert Company has the following work in process account. Work in Process-Painting
1-May Balance 3,590 31-May Transferred Out ?
31-May Materials 6,060
31-May Labor 2,500
31-May Overhead 1,650
31-May Balance ?
Production records show that there were 700 units in the beginning inventory, 30% complete, 1,100 units started, and 1,300 units transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units in 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?
c. What is the unit conversion cost for May?
d. What is the total cost of units transferred out in May?
e. What is the cost of the May 31 inventory?
see attached for full problem
Answers a question on Process Costing.