Question
Bostwick Chemicals started business on April 1. The following operations data are available for April for the one solvent it produces. Gallons Beginning inventory 0
Bostwick Chemicals started business on April 1. The following operations data are available for April for the one solvent it produces.
| Gallons | |
|---|---|
| Beginning inventory | 0 |
| Started in April | 350,000 |
| Ending work-in-process inventory (75% complete) | 40,000 |
Costs incurred in April follow.
| Materials | $ 424,500 |
|---|---|
| Labor | 127,600 |
| Manufacturing overhead | 365,900 |
There are never any finished goods at Bostwick Chemicals because all production is to order.
Required:
-
Compute cost of goods sold for April.
-
What is the value of work-in-process inventory on April 30?
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, Maureen Sterling
7th Canadian Edition
