6.4.0.PNG - Exercise 6-34 Basic Product Costing[LO 6-3...

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Unformatted text preview: Exercise 6-34 Basic Product Costing [LO 6-3) Luke’s Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces: Gallons Beginning inventory fl Started in January 900,001] Ending work—in—pro-cess inventory [80% complete) 100,001} I— Costs incurred in January follow: Materials ll} 554,001] Labor 1 45,201] Manufacturing overhead 294,001] All production at Luke's is sold as it is produced (there are no finished goods inventories). Required: a. Compute cost of goods sold for January. {Do not round intermediate calculations.) 33 912,0[ll] b. What is the value of work-in-process inventory on January 31? [Do not round intermediate calculations] $ 91.201] ...
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