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. Beginning inventory started in January Ending work-in-process inventory (78% complete) Costs incurred in January follow. Materials Labor Manufacturing overhead $ 160,150 21,000 74,000 Gallons 8 150,000 14,000 All production at Luke's is sold as it is produced (there are no finished goods inventories). a. Cost of goods sold for January b. Work-in-process inventory on January 31 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.) Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces. Beginning inventory started in January Ending work-in-process inventory (78% complete) Costs incurred in January follow. Materials Labor Manufacturing overhead $ 160,150 21,000 74,000 Gallons 8 150,000 14,000 All production at Luke's is sold as it is produced (there are no finished goods inventories). a. Cost of goods sold for January b. Work-in-process inventory on January 31 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.)
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Lukes Lubricants Inventory and Cost Calculations a Cost of Goods Sold for January Total Units Produc... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-1259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
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