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kogti [31]
3 years ago
13

Graham Petroleum produces oil. On May 1, it had no work-in-process inventory. It started production of 244 million barrels of oi

l in May and shipped 216 million barrels in the pipeline. The costs of the resources used by Graham in May consist of the following: Materials $ 3,245 million Conversion costs (labor and overhead) $ 3,230 million
Required: The production supervisor estimates that the ending work-in-process is 60 percent complete on May 31. Compute the cost of oil shipped in the pipeline and the amount in work-in-process ending inventory as of May 31. (Do not round intermediate calculations. Enter your answers in millions. For example, enter "1" instead of "1,000,000".)
Business
1 answer:
lisov135 [29]3 years ago
4 0

Answer:

Explanation:

Number of completed barrels = 216 + (244-216)*60%

= 233 barrels

Cost per barrel = (3245+3230)/233 = 27.8

Cost of oil shipped in pipeline = 216 * 27.8= 6003 millions

Cost of work in process ending inventory = (244-216)*60% * 27.8

= 467.04 million

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WARNING: I am not sure I am right

Explanation:

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4 years ago
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Answer:

Net cash flow from operating activities

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7 0
3 years ago
A seller listed a home for $200,000 and agreed to pay a commission rate of 5%. The MLS stated that the commission would be share
earnstyle [38]

Answer:

The selling sales associate received $2,700

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4 0
4 years ago
The government of country A has determined there is a coal shortage based on mining reports. As a result of these data, the gove
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The answer is: allocate resources.

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4 0
3 years ago
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ech Gadgets Co. distributes complex and relatively expensive goods, with customers typically requiring assistance before purchas
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Answer:

Intensive

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I hope this helps.

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