Luke's Lubricants starts business on January 1. The following operations data are available for January for...

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Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces. Gellons Beginning inventory Started in January 159,000 Ending work-in-process inventory (80% complete) 15,000 Costs incurred in January follow Materials. $ 160,000 Labor Manufacturing overhead 31,000 74,000 All production at Luke's is sold as it is produced (there are no finished goods inventories) Required: a. Compute cost of goods sold for January. (Do not round intermediate calculations.) b. What is the value of work-in-process inventory on January 31? (Do not round intermediate calculations.) a Cost of goods sold for January b. Work in process inventory on January 31 Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces. Gellons Beginning inventory Started in January 159,000 Ending work-in-process inventory (80% complete) 15,000 Costs incurred in January follow Materials. $ 160,000 Labor Manufacturing overhead 31,000 74,000 All production at Luke's is sold as it is produced (there are no finished goods inventories) Required: a. Compute cost of goods sold for January. (Do not round intermediate calculations.) b. What is the value of work-in-process inventory on January 31? (Do not round intermediate calculations.) a Cost of goods sold for January b. Work in process inventory on January 31

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