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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The Answer of 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?

Fender Magic Produces a Paint Solvent