Flynn and Morgan Refiners Began Business on July 1 All Production at Flynn and Morgan Is Sold as It

Essay

Flynn and Morgan Refiners began business on July 1. The following operations data are available for July and the one product the company produces:
$$\begin{array} { l r } & \text { Gallons } \\\text { Beginning inventory }& - 0- \\\text { Started in July } & 310,000 \\\text { Ending work-in-process inventory (80\% complete) } & 30,000 \\ \text { Cost incurred in July were: } & \\\text { Materials }& \$ 250,000 \\\text { Labor } & 52,000 \\\text { Manufacturing overhead } &154,000\end{array}$$

All production at Flynn and Morgan is sold as it is produced (i.e., there are no finished goods inventories).
Required:
(a) Compute cost of goods sold for July.
(b) What is the value of the work-in-process inventory on July 31?