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Exercise 16-3 The ledger of American Company has the following work in process account. ? Work in Process-Painting 5/1 Balanc

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Answer #1

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

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