Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 150,000 gallons of paint in July and completes 120,000 gallons. The costs of the resources used by Sanchez in July consist of the following: $ 137,000 175,000 Materials Conversion costs (labor and overhead) Required: The production supervisor estimates that the ending work-in-process is 16 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.) Cost of paint transferred to finished goods Work-in-process ending inventory
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 150,000 gallons of paint in July and completes 120,000 gallons. The costs of the resources used by Sanchez in July consist of the following: $ 137,000 175,000 Materials Conversion costs (labor and overhead) Required: The production supervisor estimates that the ending work-in-process is 16 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.) Cost of paint transferred to finished goods Work-in-process ending inventory
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter5: Process Cost Accounting—general Procedures
Section: Chapter Questions
Problem 11E
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![Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 150,000 gallons of paint in
July and completes 120,000 gallons. The costs of the resources used by Sanchez in July consist of the following:
$ 137,000
175,000
Materials
Conversion costs (labor and overhead)
Required:
The production supervisor estimates that the ending work-in-process is 16 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.)
Cost of paint transferred to finished goods
Work-in-process ending inventory](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fef18cb14-9a47-40a9-9006-9c9e041022ca%2F11d77cba-2f34-4796-8cac-0a216f5dbda4%2F5f2vynp.png&w=3840&q=75)
Transcribed Image Text:Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 150,000 gallons of paint in
July and completes 120,000 gallons. The costs of the resources used by Sanchez in July consist of the following:
$ 137,000
175,000
Materials
Conversion costs (labor and overhead)
Required:
The production supervisor estimates that the ending work-in-process is 16 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.)
Cost of paint transferred to finished goods
Work-in-process ending inventory
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