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What is the value of work-in-process inventory on January

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Reference no: EM133108827

Question - Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricant produces.

Gallons

Beginning inventory 0

Started in January 150,000

Ending work- in-process inventory (70% complete) 14,000

Costs incurred in January follow:

Materials 114,700

Labor 22,000

Manufacturing overhead 82,000

All production at Luke's is sold as it is produced (there are no finished goods inventories).

Required -

a. Compute cost of goods sold for January.

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

Reference no: EM133108827

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