The ledger of Custer Company has the following work in process account. Producti

Question

The ledger of Custer Company has the following work in process account. Production records show that there were 450 units in the beginning inventory, 30% complete, 1,530 units started, and 1,490 units transferred out. The beginning work in process had materials cost of $2,910 and conversion costs of $1,740. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. What is the total cost of units transferred out in May? (Round answer to 0 decimal places, e.g. 1, 225.) What is the cost of the May 31 inventory? (Round answer to 0 decimal places, e.g. 1, 225.)

Explanation / Answer

Cost of transferred out EU Rate Amount Direct material 1490 4.96 7390.4 Conversion 1490 4.92 7330.8 Cost of transferred out 14721.20 Cost WIP May 31 EU Rate Amount Direct material 490 4.96 2430.4 Conversion 196 4.92 964.32 Cost WIP May 31 3394.72

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