Solution-Value of work-in-process inventory on march 31

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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Value of work-in-process inventory on march 31

Reference no: EM13545559

Reference no: EM13545559

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