Luke's Lubricants begins operations on January 1. The following operating data is available for January for the
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Question:
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
Fundamentals of Cost Accounting
ISBN: 978-1259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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