Van Goe produces paints. On January 1, it had no work-in-process inventory. It starts production of 100,000 gallons-of paint in January and completes 80,000 gallons. The costs of the resources used by Van Goe in January consist of the following:

Required The production supervisor estimates that the ending work in process is 80 percent complete.
Compute the cost of paint transferred to finished goods and the amount in work-in-process ending inventory as of January 31.

 

Transcribed Image Text:

Materials .... Conversion costs (labor and overhead) $219,200 280,000