Luke 's Lubricants begins operations on January 1 The following operating data is available for January for the lubricant it produces gallons Initial inventory 0 started in january 900,000 Ending inventory of work in process (80 complete) 100,000 The costs incurred in January are as follows Materia...

Assuming the company uses weighted average costing EUP shall be as follows Started in January 9000 ...

Luke's Lubricants begins operations on January 1. The following operating data is available for January for the

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Luke's Lubricants begins operations on January 1. The following operating data is available for January for the lubricant it produces:

	gallons
Initial inventory	0
started in january	900,000
Ending inventory of work in process (80% complete)	100,000

The costs incurred in January are as follows:


Materials	ps	564.000
Manpower of labour		145,200
Manufacturing overhead		294.000

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

Required:

a. Calculate the cost of goods sold for January.

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

Related Book For answer-question

Fundamentals of Cost Accounting

ISBN: 978-1259565403

5th edition

Authors: William Lanen, Shannon Anderson, Michael Maher

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Posted Date: Jul 12, 2023 04:26 AM

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Luke's Lubricants begins operations on January 1. The following operating data is available for January for the

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Fundamentals of Cost Accounting

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