The Shalimar Paint Company began April with zero gallons of red paint in work-in-process inventory. During April, Shalimar started 100,000 gallons of red paint into production. On April 30, Shalimar had 25,000 gallons of red paint still in process, which production personnel estimated to be 60% complete.
Shalimar accumulates all of its manufacturing costs in a single pool. During April, Shalimar spent a total of $720,000 on manufacturing costs for its red paint.
Required:
Complete steps 1-5 of Shalimar's process-costing report for April.