The ledger of Custer Company has the following work in process account.
|
Work in Process—Painting
|
| 5/1 |
Balance |
4,480 |
5/31 |
Transferred out |
? |
| 5/31 |
Materials |
7,070 |
|
|
|
| 5/31 |
Labor |
3,870 |
|
|
|
| 5/31 |
Overhead |
2,380 |
|
|
|
| 5/31 |
Balance |
? |
|
|
|
Production records show that there were 550 units in the beginning inventory, 30% complete, 1,430 units started, and 1,580 units transferred out. The beginning work in process had materials cost of $2,760 and conversion costs of $1,720. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
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