Question
6. Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It started production of 215 million barrels of oil in May and
6. Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It started production of 215 million barrels of oil in May and shipped 190 million barrels in the pipeline. The costs of the resources used by Graham in May consist of the following: Materials $ 2,560 million Conversion costs (labor and overhead) $ 3,320 million Required: The production supervisor estimates that the ending work in process is 80 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. (Do not round intermediate calculations. Enter your answers in millions. For example, enter "1" instead of "1,000,000".)
Cost of oil shipped in the pipeline $___ million
Work-in-process ending inventory $___ million
PD: For "Cost of oil shipped in the pipeline" I have tried with 5,267 million and it wasn't correct.
For "Work-in-process ending inventory" I have tried with 614 million and it wasn't correct.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started