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Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It storted production of 203 million barrels of oil in May and shipped
Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It storted production of 203 million barrels of oil in May and shipped 183 million barrels in the pipeline. The costs of the resources used by Grahom in May consist of the following: Materials Conversion costs (labor and overhead) $3,237 million $3,330 million Required: The production supervisor estimates thet 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 "q" Instead of "1,000,000") Answer is complete but not entirely correct. Cast of oil shipped in the pipeline Work-in-process ending inventory s IS 6.567 million 40 million
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