Jones and Lange Refiners began business on July 1. The following operations data are available for July and the one product the company produces:
- Gallons
- Beginning Inventory 0
- Started in July 310,000
- Ending Work In Process inventory 30,000
- (80% complete)
- Cost incurred in July were:
- Materials 250,000
- Labor 52,000
- Manufacturing Overhead 154,000
All production at Jones and Lange is sold as it is produced.
Required:
(a) Compute cost of goods sold for July.
(b) What is the value of the work-in-process inventory on July 31?