Exercise 16-3 Custer Company

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Exercise 16-3
The ledger of Custer Company has the following work in process account.
Work in Process—Painting
5/1 Balance 3910
5/31 Materials 6280
5/31 Labor 3900
5/31 Overhead 1640
5/31 Transferred out ?
5/31 Balance ?
Production records show that there were 600 units in the beginning inventory, 30% complete, 1,580 units started, and 1,430 units transferred out. The beginning work in process had materials cost of $2,210 and conversion costs of $1,700. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
Instructions
(a) How many units are in process at May 31? ( I already found that it’s 750 units)
(b) What is the unit materials cost for May?
(c) What is the unit conversion cost for May?
(d) What is the total cost of units transferred out in May?
(e) What is the cost of the May 31 inventory?
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