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The Farmer Company produces an engine lubricant in one production department. In accounting for product costs, the company uses the weighted average method. During the month of January, 120,000 units (in gallons) were started. The following additional information is available:
Units (in gallons) |
% complete with respect to Direct Material |
% complete with respect to Conversion Costs |
|
Work In Process Jan. 1 |
20,000 |
80% |
60% |
Work In Process Jan. 31 |
15,000 |
45% |
50% |
Direct Materials |
Direct Labor |
Applied MOH |
|
Costs included in WIP on Jan. 1 |
$56,000 |
$34,000 |
$12,000 |
Costs incurred during the period |
$425,750 |
$386,750 |
$76,500 |
What is the balance reported in Work in Process at the end of January?
(Do not use a dollar sign and round your final answer to the nearest whole dollar...no decimals)
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