1) Work in process, May 31 = 500+1630-1500 = 630 Units
2) Equivalent unit of material = 1500+630 = 2130 Units
Cost per equivalent unit of material = (2840+6990)/2130 = 4.615
3) Equivalent unit of conversion = 1500+(630*40%) = 1752
Cost per equivalent unit of conversion = (950+3130+1580)/1752 = 3.231
4) Total cost of unit transferred out = (4.615+3.231)*1500 = 11769
5) Ending WIP = (630*4.615+252*3.231) = 3722
Exercise 16-3 The ledger of American Company has the following work in process account. ? Work...
Exercise 16-3 The ledger of American Company has the following work in process account. Work in Process—Painting 5/1 Balance 3,690 5/31 Transferred out ? 5/31 Materials 6,020 5/31 Labor 3,530 5/31 Overhead 1,980 5/31 Balance ? Production records show that there were 500 units in the beginning inventory, 30% complete, 1,610 units started, and 1,520 units transferred out. The beginning work in process had materials cost of $2,840 and conversion costs of $850. The units in ending inventory were 40%...
The ledger of American Company has the following work in process account. WORK IN PROCESS MANUFACTURING COSTS Raw Materials Factory Manufacturing Inventory Labor Overhead FINISHED GOODS INVENTORY $6,940 $4,766 Balance May 1 Materials Labor Overhead Transfer out Balance May 31 Painting $3,790 6,940 4,766 2,280 - ? $? -$2,280 ? Production records show that there were 600 units in the beginning inventory, 30% complete, 1,600 units started, and 1,600 units transferred out. The beginning work in process had materials cost...
The ledger of American Company has the following work in process account. ? Work in Process-Painting 5/1 Balance 3,790 5/31 Transferred out 5/31 Materials 5,650 5/31 Labor 3,330 5/31 Overhead 2,080 5/31 Balance Production records show that there were 570 units in the beginning inventory, 30% complete, 1,630 units started, and 1,530 units transferred out. The beginning work in process had materials cost of $2,440 and conversion costs of $1,350. The units in ending inventory were 40% complete. Materials are...
what is the cost of the May 31 inventory?
Exercise 16-3 The ledger of American Company has the following work in process account. Work In Process-Painting 5/1 Balance 3,690 5/31 Transferred out 5/31 Materials 5,740 5/31 Labor 2,830 5/31 Overhead 1,280 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...
PRINTER VERSION BACK Exercise 21-3 The ledger of American Company has the following work in process account. Work in Process-Painting 5/1 Balance 3,790 5/31 Transferred out 5/31 Materials 5,720 5/31 Labor 2,830 5/31 Overhead 2,380 5/31 Balance Production records show that there were 470 units in the beginning inventory, 30% complete, 1,610 units started, and 1,410 units transferred out. The beginning work in process had materials cost of $3.140 and conversion costs of $650. The units in ending inventory were...
Exercise 3-3 (Video) The ledger of American Company has the following work in process account. ? Work in Process-Painting 5/1 Balance 3,790 5/31 Transferred out 5/31 Materials 5,930 5/31 Labor 4,068 5/31 Overhead 2,280 5/31 Balance Production records show that there were 600 units in the beginning inventory, 30% complete, 1,700 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $3,040 and conversion costs of $750. The units in ending inventory were 40%...
Exercise 3-3 (Video) The ledger of American Company has the following work in process account. Work in Process-Painting 5/1 Balance 3,8905/31 Transferred out 5/31 Materials 5/31 Labor 5,320 3,018 1,380 5/31 Overhead 5/31 Balance Production records show that there were 400 units in the beginning inventory, 30% complete, 1,700 units started, and 1,400 units transferred out. The beginning work in process had materials cost of $2,240 and conversion costs of $1,650. The units in ending inventory were 40% complete. Materials...
The ledger of American Company has the following work in process account. Work in Process-Painting 5/1 Balance 3,790 5/31 Transferred out 5/31 Materials 7,030 ? 5/31 Labor 5,648 1,580 5/31 Overhead 5/31 Balance Production records show that there were 500 units in the beginning inventory, 30% complete, 1,600 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,840 and conversion costs of $950. The units in ending inventory were 40% complete. Materials are...
The ledger of American Company has the following work in process account. Work in Process-Painting 5/1 Balance 3,790 5/31 Transferred out 5/31 Materials 5,700 5/31 Labor 3,156 5/31 Overhead 2,080 5/31 Balance Production records show that there were 600 units in the beginning inventory, 30% complete, 1,600 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,440 and conversion costs of $1,350. The units in ending inventory were 40% complete. Materials are entered...
Question 1
The ledger of Magdy Company has the following work in process
account:
Question 1 The ledger of Magdy Company has the following work in process account: Work in Process-Painting 5/1 Balance $3,540 5/31 Transferred out $? 5/31 Materials 7,620 5/31 Labour 2,380 5/31 Overhead 1,252 5/31 Balance $? Production records show that there were 420 units in the beginning inventory, 35% complete, 1,160 units started, and 1,160 units transferred out. The beginning work in process had materials costs...