Exercise 16-3 Work in Process—Painting LINK TO TEXT LINK TO TEXT LINK TO TEXT Ex
ID: 2427845 • Letter: E
Question
Exercise 16-3
Work in Process—Painting
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Exercise 16-3
The ledger of Custer Company has the following work in process account.Work in Process—Painting
5/1 Balance 3,760 5/31 Transferred out ? 5/31 Materials 6,880 5/31 Labor 4,400 5/31 Overhead 2,140 5/31 Balance ?Production records show that there were 560 units in the beginning inventory, 30% complete, 1,490 units started, and 1,460 units transferred out. The beginning work in process had materials cost of $2,160 and conversion costs of $1,690. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
Explanation / Answer
EQUIVALENT UNITS STATEMENT (FIFO METHOD)
______________________________________________________________________________________________
PARTICUALRS INPUT PARTICULARS OUTPUT MATERIALS CONVERSION _______
Opening wip 560 Transferred % UNITS % UNITS
(b) Unit Material cost for May is $ 5.92
(c) Unit Conversion cost is $ 5.38
Related Questions
Hire Me For All Your Tutoring Needs
Integrity-first tutoring: clear explanations, guidance, and feedback.
Drop an Email at
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.