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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. 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?

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?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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