Compute the cost of paint transferred to finished goods and


Question - Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 97,000 gallons of paint in July and completes 75,000 gallons. The costs of the resources used by Sanchez in July consist of the following:

Materials $228,040

Conversion costs (labor and overhead) 286,100

Required: The production supervisor estimates that the ending work-in-process is 84 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.)

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Accounting Basics: Compute the cost of paint transferred to finished goods and
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