Luke’s Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces. Gallons Beginning inventory 0 Started in January 159,000 Ending work-in-process inventory (70% complete) 19,000 Costs incurred in January follow. Materials $ 92,625 Labor 22,000 Manufacturing overhead 77,000 All production at Luke’s is sold as it is produced (there are no finished goods inventories). Required A: Compute cost of goods sold for January. (Do not round intermediate calculations.) Cost of goods sold for January ____________________ Required B: What is the value of work-in-process inventory on January 31? (Do not round intermediate calculations.) Work-in-process inventory on January 31 _____________________
Luke’s Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces.
Gallons
Beginning inventory 0
Started in January 159,000
Ending work-in-process inventory (70% complete) 19,000
Costs incurred in January follow.
Materials $ 92,625
Labor 22,000
Manufacturing
All production at Luke’s is sold as it is produced (there are no finished goods inventories).
Required A:
- Compute cost of goods sold for January. (Do not round intermediate calculations.)
Cost of goods sold for January ____________________
Required B:
- What is the value of work-in-process inventory on January 31? (Do not round intermediate calculations.)
Work-in-process inventory on January 31 _____________________
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