Luke's Lubricants starts business on January 1. The following operations data are available for January...
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Accounting
Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces.
GallonsBeginning inventory0Started in January149,000Ending work-in-process inventory (70% complete)18,000
Costs incurred in January follow.
Materials$113,400Labor28,000Manufacturing overhead74,000
All production at Luke's 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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