Mason Industries restarted operations on September 1 after a 3 month shutdown.There were no beginning inventories.The following operations data are available for September and the one product the company refines:
All production at Mason is sold immediately.Required:
(a)Compute cost of goods sold for September.(b)What is the value of the work-in-process inventory on September 30?
Correct Answer:
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(a)$945,000(b)$22,050
(a)Equivalent un...
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