FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Joplin Corporation produces syrups that it sells to candy makers. On November 1, it had no work-in-process inventory. It started production of 45,900 gallons of syrup in November and completed production of 44,000 gallons. The costs of the resources used by Joplin in November consist of the following:
 

 

Materials

$

67,578

Conversion costs (labor and overhead)

 

54,300

 


Required:

The production supervisor estimates that the ending work-in-process is 60 percent complete on November 30. Compute the cost of syrup completed and the cost of the syrup in work-in-process ending inventory as of November 30. (Do not round intermediate calculations.)

 

Cost of syrup completed

 

Work-in-process ending inventory

 

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