Question:
Roswell Refiners restarted operations on September 1 after a 3 month shutdown. There were no beginning inventories.
Beggining inventory ......................................................................0
Completed in September........................................................... 450,000
Ending Work in progress inventory 70% complete ......................15,0000
Cost incurred in september were
Materials.......................................560,400
Labor ...........................................164,300
Manufacturing overhead...............242,350
The following operations data are available for September and the one product the company refines: All production at Roswell is sold immediately.
Required:
(a) Compute cost of goods sold for September.
(b) What is the value of the work-in-process inventory on September 30?