Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It started production of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It started production of 202 million barrels of oil in May and shipped 172 million barrels in the pipeline. The costs of the resources used by Graham in May consist of the following: Materials Conversion costs (labor and overhead) $1,710 million $3,230 million Required: The production supervisor estimates that the ending work in process is 60 percent complete on May 31. Compute the cost of oil shipped in the pipeline and the amount in work-in-process ending inventory as of May 31. (Do not round intermediate calculations. Enter your answers in millions. For example, enter "1" instead of "1,000,000") Cost of oil shipped in the pipeline million Work-in-process ending inventory million Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It started production of 202 million barrels of oil in May and shipped 172 million barrels in the pipeline. The costs of the resources used by Graham in May consist of the following: Materials Conversion costs (labor and overhead) $1,710 million $3,230 million Required: The production supervisor estimates that the ending work in process is 60 percent complete on May 31. Compute the cost of oil shipped in the pipeline and the amount in work-in-process ending inventory as of May 31. (Do not round intermediate calculations. Enter your answers in millions. For example, enter "1" instead of "1,000,000") Cost of oil shipped in the pipeline million Work-in-process ending inventory million
Expert Answer:
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-1259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
Students also viewed these accounting questions
-
On July 1, Tin Hau Companys Work in Process Inventory account showed a beginning balance of $9,000. The Materials Inventory account showed a beginning balance of $40,000. Production activity for July...
-
On June 30, New Haven Companys work in Process inventory account showed a beginning balance of $29,400. The Materials Inventory account showed a beginning balance of $240,000. Production activity for...
-
than E (d) E 17.A shunt generator running at 1000 r.p.m. has generated e.m.f. as 200 V. If the speed increases to 1200 r.p.m., the generated e.m.f. will be nearly (a) 150 V (b) 175 V (c) 240 V...
-
1. Identify the function of the underlined noun/s in each item. 1. On rainy mornings, is your bus usually late? 2. On the desk were the red pencils. 3. Volcanoes and earthquakes are destructive...
-
Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit. a. If Hoffman Company pays...
-
Let A be a square matrix that can be partitioned as where P and S are square matrices. Such a matrix is said to be in block (upper) triangular form. Prove that det A = (det P)(det S) o S
-
Refer to the data for Builder Bee Equipment in P5-48B. However, assume Builder Bee Equipment uses the average cost method. Requirements 1. Prepare a perpetual inventory record using average cost....
-
You expect to invest your funds equally in four stocks with the following expected returns: Stock Expected Return A........ 16% B........ 14 C........ 10 D........ 8 At the end of the year, each...
-
The imaginary company I want to use is a childrens walker company. (This company is completely fictional. So all number can be made up. First, How would i figure out a list of inputs along with their...
-
Beverly Mills has decided to lease a hybrid car to save on gasoline expenses and to do her part to help keep the environment clean. The car she selected is available from only one dealer in the local...
-
Select below the IMMEDIATE VALUE (imm) (3 or 5 hexadecimal digits) of the following instruction: Id x12,56(x2) 0038 0012 0008
-
The acronym referring to the analysis of forces in the external environment is __________. A. WASP B. PEST C. STOP D. SERCH
-
Explain how competitive benchmarking is used in strategic control. What are some commonly used competitive benchmarks?
-
Commoditization refers to the ability to individualize product and service offerings to meet specific buyer needs. True or False
-
What forms of organizational structure are available to strategic managers? What are the primary advantages and disadvantages of each?
-
Should corrective action always be taken when performance falls below the predetermined standard? Likewise, should corrective action never be taken when performance meets or exceeds the predetermined...
-
What is the Knowledge Base? * A . The Knowledge Base contains previously generated prompts that you save in your All outputs. B . The Knowledge Base contains website scans for tone of voice that you...
-
Audrey purchases a riding lawnmower using a 2-year, no-interest deferred payment plan at Lawn Depot for x dollars. There was a down payment of d dollars and a monthly payment of m dollars. Express...
-
The following transactions occurred in January at Apex Manufacturing, a custom parts supplier. Apex uses job costing: 1. Purchased $75,180 in materials on account. 2. Issued $2,100 in supplies from...
-
Larcker Manufacturings cost accountant has provided you with the following information for January operations: Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21 per...
-
Pharmaceutical firms, oil and gas companies, and other ventures inevitably incur costs on unsuccessful investments in new projects (e.g., new drugs or new wells). For oil and gas firms, a debate...
-
Find the area under the standard normal curve to the right of a. z = 0.47 b. z = 2.91 c. z = 2.04 d. z = 1.09
-
Find the area under the standard normal curve that lies outside the interval between a. z = 0.38 and z = 1.02 b. z = 1.42 and z = 1.78 c. z = 0.01 and z = 2.67 d. z = 2.45 and z = 0.34
-
Find the area under the standard normal curve that lies outside the interval between a. z = 1.11 and z = 3.21 b. z = 1.93 and z = 0.59 c. z = 0.46 and z = 1.75 d. z = 2.73 and z = 1.39
Study smarter with the SolutionInn App