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
Chapter1: Financial Statements And Business Decisions
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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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