Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It started production of 244 million barrels of oil in May and shipped 216 million barrels in the pipeline. The costs of the resources used by Graham in May consist of the following:
Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,000 million
Conversion costs (labor and overhead). . . . $ 7,968 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.