Date Item Debit Credit
May 1
31
31
31
31
31
Bal., 4,200 units, 70% completed
Direct materials, 23,600 units
Direct labor
Factory overhead
Goods transferred, 24,700 units
Bal., ? units, 30% completed
36,500
162,300
237,700
320,375
11,625
11,625
ACCOUNT Work in Process—Finishing Department ACCOUNT NO.
a. Determine the number of units in work in process inventory at the end of the month.
b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May
Answer:
a. Units in process, May 1…………………………………………………………… 4,200
Units placed into production for May………………………………………… 23,600
Less units finished during May………………………………………………… (24,700)
Units in process, May 31………………………………………………………… 3,100
b.
Whole
Units
Equivalent
Units of
Production
Units to be accounted for:
Beginning work in process 4,200
Units started during the period 23,600
Total 27,800
Units to be assigned costs:
Transferred to finished goods in May 24,700 24,700
Inventory in process, May 31
(30% completed) 3,100 930*
Total 27,800 25,630
* 30% × 3,100 units