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Basic Product Costing
Kim & Smith Refiners starts business on March 1. The following operations data are available for March for the one lubricant it produces:
Gallons
Beginning inventory
-0-
Started in March
900,000
Ending work-in-process inventory (80% complete)
100,000
Costs incurred in March follow:
Materials
$188,000
Labor
48,400
Manufacturing overhead
98,000
All production at Kim & Smith is sold as it is produced (there are no finished goods inventories).
Required
a. Compute cost of goods sold for March.
b. What is the value of work-in-process inventory on March 31?
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