5/1 Balance 4040 5/31 tranfer out Production records show that there were 530 un
ID: 2451394 • Letter: 5
Question
5/1 Balance 4040 5/31 tranfer out
Production records show that there were 530 units in the beginning inventory, 30% complete, 1,420 units started, and 1,600 units transferred out. The beginning work in process had materials cost of $2,320 and conversion costs of $1,720. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
5/1 Balance 4040 5/31 tranfer out
5/31 Materials 6,720 5/31 Labor 3,050 5/31 Overhead 1,380 5/31 Balance ?Explanation / Answer
Beginning work in progress (a) 530 Units started (b) 1420 Transferred out © 1600 Ending balance (a+b-c) 350 units Beginning Production Total Materials 2,320 6,720 9,040 Units 530 1,420 1,950 Cost of units transferred out (9,040/1950)*1600 7,417 Cost of units remaining (9,040/1950)*350 1,623 Beginning Production Total Conversion cost 1,720 4,430 6,150 Units 159 1,651 1,810 Cost of units transferred out (6150/1810)*1600 5,436 Cost of units remaining (6,150/1810)*140 1,189 Equivalent units for conversion costs Beginning balance 371 Units started 1,420 Ending balance (350*40%) 140 Equivalent units for conversion costs 1,651 Total cost of units transferred out Materials 7,417 Conversion cost 5,436 Total 12,854 Work in progress ending balance Materials 1,623 Conversion cost 1,189 Total 2,812
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