The ledger of a company has the following WIP account:
5/1 Balance 3,860 5/31 Transferred out ?
5/31 Materials 6,770
5/31 Labor 2,940
5/31 Overhead 2,270
5/31 Balance ?
Production records show that there were 510 units in the beginning inventory, 30% complete; 1,450 units started; and 1,580 units transferred out. The beginning WIP has material costs of 3,030 and conversion costs of 1,660. The units in ending enventory were 40% complete. Materials are entered at the beginning of the process.
a) How many units are in process at May 31? WIP, May 31…………..units
b) What is the unit material cost for May? The units materials cost for May $……. ( round to 3 decimal places)
c) What is the unit conversion cost for May ? ( round to 3 decimal places.)
If youcould show work… that would really help 🙂