Bostwick Chemicals started business on April 1. The following operations data are available for April for the one solvent it produces. Beginning inventory Started in April Ending work-in-process inventory (75% complete) Costs incurred in April follow. Materials Labor $ 424,500 Gallons O 350,000 40,000 127,600 Manufacturing overhead 365,900 There are never any finished goods at Bostwick Chemicals because all production is to order. Required: Compute cost of goods sold for April. What is the value of work-in-process inventory on April 30?

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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Bostwick Chemicals started business on April 1.
The following operations data are available for
April for the one solvent it produces.
Beginning inventory
Started in April
Ending work-in-process inventory
(75% complete)
Costs incurred in April follow.
Gallons
Materials
Labor
O
350,000
40,000
$ 424,500
127,600
Manufacturing overhead 365,900
There are never any finished goods at Bostwick
Chemicals because all production is to order.
Required:
Compute cost of goods sold for April.
What is the value of work-in-process inventory
on April 30?
Transcribed Image Text:Bostwick Chemicals started business on April 1. The following operations data are available for April for the one solvent it produces. Beginning inventory Started in April Ending work-in-process inventory (75% complete) Costs incurred in April follow. Gallons Materials Labor O 350,000 40,000 $ 424,500 127,600 Manufacturing overhead 365,900 There are never any finished goods at Bostwick Chemicals because all production is to order. Required: Compute cost of goods sold for April. What is the value of work-in-process inventory on April 30?
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