Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 104,000 gallons of paint in July and completes 80,000 gallons. The costs of the resources used by Sanchez in July consist of the following:
|
| Materials |
$ |
327,224 |
| Conversion costs (labor and overhead) |
|
270,800 |
|
Required:
The production supervisor estimates that the ending work-in-process is 89 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.)