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Compute the cost of solvent transferred

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Reference no: EM13545562

Lawrence Chemicals manufactures industrial solvents. On November 1, it has no work-in-process inventory. It starts production of 13,000 barrels of solvent in November and completes 8,000 barrels. The costs of the resources used by Lawrence in November consist of the following:

Materials

$223,000

Conversion costs

 

(labor and overhead)

272,000

Total

$495,000

The production supervisor estimates that the ending work in process is 60 percent complete. Compute the cost of solvent transferred to finished goods and the amount in work-in-process ending inventory as of November 30.

Reference no: EM13545562

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