Lukes Lubricants starts business on January 1. The following operations data are available for January...
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Accounting
Lukes Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces:
| Gallons | |
| Beginning inventory | 0 |
| Started in January | 146,000 |
| Ending work-in-process inventory (70% complete) | 15,000 |
Costs incurred in January follow:
| Materials | $ | 152,625 |
| Labor | 21,000 | |
| Manufacturing overhead | 74,000 | |
All production at Lukes is sold as it is produced (there are no finished goods inventories).
Required:
a. Compute cost of goods sold for January. (Do not round intermediate calculations.)
b. What is the value of work-in-process inventory on January 31? (Do not round intermediate calculations.)
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