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Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 106,000 gallons of paint in July and completes
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 106,000 gallons of paint in July and completes 83,000 gallons. The costs of the resources used by Sanchez in July consist of the following: Materials Conversion costs (labor and overhead) 250,039 288,600 Required: The production supervisor estimates that the ending work-in-process is 81 percent complete. Compute the cost of paint transferred to finished goods and the amount in work-in-process ending inventory as of July 31. (Do not round intermediate calculations.) Cost of paint transferred to finished goods Work-in-process ending inventory Fill in the missing items for the following inventories: B C 164,600 $ 9,800 Beginning balance Ending balance 140,900 12,800 127,000 Transferred in 48,000 286,000 Transferred out 184,500 311,000
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