Bostwick Chemicals started business on April 1. The following operations data are available for April for the one solvent it produces. Beginning inventory Started in April Ending work-in-process inventory (75% complete) Costs incurred in April follow. Materials Labor $ 424,500 810,475 365,900 Gallons 0 368,000 49,000 Manufacturing overhead There are never any finished goods at Bostwick Chemicals because all production is to order.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bostwick Chemicals started business on April 1. The following operations data are available for April for the one solvent it produces.
Beginning inventory
Started in April
Ending work-in-process inventory (75% complete)
Costs incurred in April follow.
Materials.
Labor
$ 424,500
810,475
365,900
Gallons
a. Cost of goods sold for April
b. Work-in-process inventory on April 30
0
368,000
49,000
Manufacturing overhead
There are never any finished goods at Bostwick Chemicals because all production is to order.
Required:
a. Compute cost of goods sold for April.
b. What is the value of work-in-process inventory on April 30?
Transcribed Image Text:Bostwick Chemicals started business on April 1. The following operations data are available for April for the one solvent it produces. Beginning inventory Started in April Ending work-in-process inventory (75% complete) Costs incurred in April follow. Materials. Labor $ 424,500 810,475 365,900 Gallons a. Cost of goods sold for April b. Work-in-process inventory on April 30 0 368,000 49,000 Manufacturing overhead There are never any finished goods at Bostwick Chemicals because all production is to order. Required: a. Compute cost of goods sold for April. b. What is the value of work-in-process inventory on April 30?
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