Fender Magic Produces a Paint Solvent

question 71

Essay

Fender Magic produces a paint solvent. Production of 400,000 pounds was started in February, 350,000 pounds were completed. Material costs were $260,130 for the month while conversion costs were $312,620. There was no beginning work-in-process; the ending work-in-process was 90% complete.
Required:
(a) What is the total cost of the product that was completed and transferred to finished goods?
(b) What is the value of the ending work-in-process?

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Definitions:

Short-term Span

The capacity for holding a small amount of information in mind in an active, readily available state for a short period of time.

Infantile Amnesia

The inability of adults to recall memories from early childhood, typically before the age of 3 or 4.

Prefrontal Lobes

The anterior part of the frontal lobes of the brain, implicated in a variety of complex behaviors including planning, decision making, and moderating social behavior.

Elaboration

The addition of more detail, explanation, or information to a concept, idea, or proposal.