13. Process Costing

ABC, Inc. produces AB1951 using a continuous manufacturing process and accounts for production costs using process costing. Raw materials are added at the beginning of the production process and conversion takes place continuously throughout the production process. The November 1 work-in-process inventoryconsists of 20,000 gallons of AB1951 that were started, but not completed, in October. The costs in beginning inventory on November 1 were $60,000 in raw materials and $16,000in conversion cost. The following data were collected for the month of November, 2012:

Date	inventory	gallons	materials %	conversion %
11/1	WIP	20000	100	40%
11/30	WIP	40000	100	80%
11/30	Transferred Finished Goods	100000	100	100%

Required:

1.Compute the number of gallons added to work-in-process inventory in November

2.Compute the cost of work-in-process inventory on November 30.

3.Compute the cost ofthe goods transferred to finished goods inventory on November 30