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Value of work-in-process inventory on march 31

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Reference no: EM13545559

Basic Product Costing

Kim & Smith Refiners starts business on March 1. The following operations data are available for March for the one lubricant it produces:

 

Gallons

Beginning inventory

-0-

Started in March

900,000

Ending work-in-process inventory (80% complete)

100,000

Costs incurred in March follow:

Materials

$188,000

Labor

48,400

Manufacturing overhead

98,000
     

All production at Kim & Smith is sold as it is produced (there are no finished goods inventories).

Required

a. Compute cost of goods sold for March.

b. What is the value of work-in-process inventory on March 31?

Reference no: EM13545559

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