This is a 5 part homework question I am totally lost on. I have solved the first

Question

This is a 5 part homework question I am totally lost on. I have solved the first question.
How do I solve for material cost, unit conversion cost, total cost of units transferred out and cost of the May 31 inventory? PLEASE HELP!

signmentsX WileyPLUs e https://edugenwileyplus.com/eduger·.. Kimmel, Accounting, 6e Help System Announcements CALCULATOR | pRN TER VERSION . BACK NEXT Exercise 16-3 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 7,000 5/31 Labor 5/31 Overhead 1,980 2,930 S/31 Balance Production records show that there were 410 units in the beginning inventory, 30% complete, 1,740 units started, and 1,440 units transferred out. The beginning work in process had materials cost of $2,640 and conversion costs of $1,150. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. dy Your answer is correct How many units are in process at May 31? Work in process, May 31 710 units INS SCROLL LOCK DEL SYSRO PRTSC NUN BACK SPACE 9 0

Explanation / Answer

How many units are in process at May 31

Beginning WIP Units + Units Added -Ending WIP units

=410+1740-1440=710 units

What is the unit materials cost for May?

We need to find Material and Conversion Equivalent Units to find the answer for nest to Question

What is the unit materials cost for May?

=$4.484

What is the unit conversion cost for May?

=$3.515

What is the total cost of units transferred out in May?

cost of the May 31 inventory

Units % Materials EUP­ Materials % Conversion Conversion Units completed and transferred out 1440 100.00% 1440 100.00% 1440 Ending goods in process ­ units 710 100.00% 710 40% 284 Total Units 2150 2150 1724 Cost Per Equivalent unit of Production Direct Material Conversion Costs of beginning goods in process 2640 1150 Costs incurred this period 7000 4910 Total Costs Costs 9640 Costs 6060 Equivalent Unit of Production 2150 1724 Cost Per Equivalent unit of Production 4.48 3.52

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