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Fundamentals of Cost Accounting 3rd Edition by William N. Lanen, Shannon W. Anderson, Michael Maher
Edition 3ISBN: 0073527114Fundamentals of Cost Accounting 3rd Edition by William N. Lanen, Shannon W. Anderson, Michael Maher
Edition 3ISBN: 0073527114 Exercise 26
Basic Product Costing
Kim&Smith Refiners starts business on March 1. The following operations data are available for March for the one lubricant it produces:
| Gallons |
Beginning inventory | -0- |
Started in March | 900,000 |
Ending work-in-process inventory (80% complete) | 100,000 |
Costs incurred in March follow:
Materials | $188,000 |
Labor | 48,400 |
Manufacturing overhead | 98,000 |
All production at Kim&Smith is sold as it is produced (there are no finished goods inventories).
Required
a. Compute cost of goods sold for March.
b. What is the value of work-in-process inventory on March 31?
Step-by-step solution
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Cost of goods manufactured:
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Fundamentals of Cost Accounting 3rd Edition by William N. Lanen, Shannon W. Anderson, Michael Maher
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