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 |
6,800 |
|
|
|
| 5/31 |
Labor |
3,710 |
|
|
|
| 5/31 |
Overhead |
2,100 |
|
|
|
| 5/31 |
Balance |
? |
|
|
|
Production records show that there were 490 units in the beginning inventory, 30% complete, 1,580 units started, and 1,530 units transferred out. The beginning work in process had materials cost of $2,820 and conversion costs of $940. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
(a) What is the total cost of units transferred out in May? (Round answer to 0 decimal places, e.g. 1,225.)
| The total cost of units transferred out in May |
|
$
|
(b) What is the cost of the May 31 inventory? (Round answer to 0 decimal places, e.g. 1,225.)
| Work in process |
|
$
|