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    Fundamentals of cost accounting

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    4. Smith and Blarney Refiners began business on July 01. The following operations data are available for July and the one product the company produces:

    Costs incurred in July were:

    All production at Smith and Blarney is sold as it is produced (i.e., there are no finished goods inventories).

    (a) Compute cost of goods sold for July.
    (b) What is the value of the work-in-process inventory on July 31?

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    Solution Summary

    Your tutorial is attached and shows how to compute the equivalent units and then the cost per equivalent units so you can get the cost of goods sold and cost of work in process.