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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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