[laschwarber]

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

Work in Process-Painting
5/1 Balance 3,590 5/31 Transferred out ?
5/31 Materials 5,160
5/31 Labor 2,740
5/31 Overhead 1,650
5/31 Balance ?

Production records show that there were 400 units in the beginning inventory, 30% complete, 1,100 units started, and 1,200 units transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550.The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. (Round unit costs to 2 decimal places, e.g. 5.25.)

[rehmanvohra]

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

Work in Process-Painting
5/1 Balance 3,590 5/31 Transferred out ?
5/31 Materials 5,160
5/31 Labor 2,740
5/31 Overhead 1,650
5/31 Balance ?

Production records show that there were 400 units in the beginning inventory, 30% complete, 1,100 units started, and 1,200 units transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550.The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. (Round unit costs to 2 decimal places, e.g. 5.25.)
Depends on the valuation basis used, i.e. Average or FIFO

Average cost basis the EPU will be:
Completed 1200
In process 300x40% 120
Total units 1320

FIFO basis
Opening completed 400 x 70% 280
Started and completed 1100-40 700
Ending in process 120
Total