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Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production...

Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 105,000 gallons of paint in July and completes 82,000 gallons. The costs of the resources used by Sanchez in July consist of the following:

  

Materials $ 286,444
Conversion costs (labor and overhead) 286,100

Required:

The production supervisor estimates that the ending work-in-process is 88 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.)

Solutions

Expert Solution

Answer:

Cost transferred to Finished Goods=$453,161.1739

WIP Ending=$119,382.8261

Calculation:

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ekkarill92 answered 2 years ago
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