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

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 180,000 Ending work-in-process inventory (80%

Costs incurred in March follow:

complete) 20,000

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?

Gallons Beginning inventory. -0- Started in March 180,000 Ending work-in-process inventory (80% complete) 20,000

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