The ledger of Custer Company has the following work in process account.
Work in Process—Painting |
| 5/1 | Balance | 4,760 | 5/31 | Transferred out | ? |
| 5/31 | Materials | 6,000 | | | |
| 5/31 | Labor | 2,980 | | | |
| 5/31 | Overhead | 2,060 | | | |
| 5/31 | Balance | ? | | | |
Production records show that there were 450 units in the beginning inventory, 30% complete, 1,500 units started, and 1,530 units transferred out. The beginning work in process had materials cost of $3,010 and conversion costs of $1,750. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.