Jones and lange refiners began business on july 1 the, Ask an Expert

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Jones and Lange Refiners began business on July 1. The following operations data are available for July and the one product the company produces:

Gallons
Beginning Inventory 0
Started in July 310,000
Ending Work In Process inventory 30,000
(80% complete)

Cost incurred in July were:
Materials 250,000
Labor 52,000
Manufacturing Overhead 154,000

All production at Jones and Lange is sold as it is produced.
Required:
(a) Compute cost of goods sold for July.
(b) What is the value of the work-in-process inventory on July 31?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9957118

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