Question

WIFO, LIFO, Weighted Average options accepted!

I would like to have work shown for this please!!

The ledger of Oriole Company has the following work in process account. ? Work in Process-Painting 5/1 Balance 3,690 5/31 Transferred out 5/31 Materials 5,980 5/31 Labor 4,478 5/31 Overhead 1,980 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 $850. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Your answer is correct. How many units are in process at May 31? Work in process, May 31 T 600 units LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. What is the unit materials cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.) The unit materials cost for May 4.2

Answer 1

Beginning inventory	500
Add: Units started	1,600
Less: Units transferred out	1,500
Units at end on May 31st	600
Materials cost at the beginning	$2,840
Add: Material costs added in production	$5,980
Total material costs accounted for (a)	$8,820
Units transferred out	1,500
Add: Units at the end on May 31st	600
Total units accounted for materials (b)	2,100
Unit materials cost for May (a / b)	$4.20
Conversion costs at the beginning	$850
Add: Conversion costs added in prodution:
Labor	$4,478
Overheads	$1,980
Total Costs Accounted for (c )	$7,308
Units transferred out	1,500
Add: Units at the end on May 31st (600 * 40/100)	240
Total units accounted for materials (d)	1,740
Unit conversion costs cost for May (c / d)	$4.20
Unit materials cost for May	$4.20
Add: Unit conversion costs cost for May	$4.20
Total cost per unit (e )	$8.40
Total units transferred out (f)	1,500
Total cost of units transferred out (e*f)	$12,600
Total cost per unit (e )	$8.40
Units at end on May 31st (g)	600
Total cost of work in process inventory on May 31 (e * g)	$5,040