Question

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 40% complete, Materials are entered at the beginning of the painting process. X Your answer is incorrect. Try again. How many units are in process at May 31? Work in process, May 31 610 units LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is incorrect. Try again. 14 MacBook Air ** F2 F3 &

Answer 1

	Work in process- Painting
Date	Details	Amnt($)	Transfer Out
5/1	Balance	3,790
5/31	Materials	5,720
5/31	Labor	2,830
5/31	Overhead	2,380
5/31	Balance	?
As per production records		in Unit
Opening Invenory		470
(30% complete)
Started		1,610
Transferred		1,410
		Amnt($)
Opening work in process
Material cost		3,140
Convrsion cost		650
The units ending Invnentory - 40%
Closing Work in Process as on 31st May
	Unit
Opening Invenory	470
(30% complete)
Started	1,610
Transferred	-1,410
Closing Work in Process as on 31st May	670
Unit Material cost May
Transferred Unit	1410
Work in Process May 31	670
Total-B	2080
Material cost/ Unit
Opening work in process	Amnt($)
Material cost	3,140
Add- Cost
Materials	5,720
Total cost-A	8,860
Unit Material cost May	4.26
Unit conversion cost
Unit Material cost May
Transferred Unit	1410
Work in Process May 31
(670 Unit *40%)	268
Total Unit -C	1678
Conversion cost/ Unit	Amnt($)
Opening work in process cost	650
Add- Cost
Labour cost	2,830
Overhead cost	2,380
Total cost-D	5,860
Unit Conversion cost May (D/C)	3.49