With an explanation please Sanchez & Company produces paints. On July 1, it...
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Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 103,000 gallons of paint in July and completes 82,000 gallons. The costs of the resources used by Sanchez in July consist of the following: Materials Conversion costs (labor and overhead) $ 198,336 289,900 Required The production supervisor estimates that the ending work-in-process is 84 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 s 195,619
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