The ledger of Custer Company has the following work in process account.
|
Work in Process—Painting
|
| 5/1 |
Balance |
4,740 |
5/31 |
Transferred out |
? |
| 5/31 |
Materials |
6,770 |
|
|
|
| 5/31 |
Labor |
2,860 |
|
|
|
| 5/31 |
Overhead |
1,760 |
|
|
|
| 5/31 |
Balance |
? |
|
|
|
Production records show that there were 400 units in the beginning inventory, 30% complete, 1,470 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $3,010 and conversion costs of $1,730. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
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