Mason Industries Restarted Operations on September 1 After a 3-Month

Essay

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:
$$\begin{array} { l r } & \text { Gallons } \\\text { Beginning inventory }& - 0- \\\text { Started in September } & 450,000 \\\text { Ending work-in-process inventory (70\% complete) } & 15,000 \\ \text { Cost incurred in July were: } & \\\text { Materials }& \$ 560,000 \\\text { Labor } &164,300 \\\text { Manufacturing overhead } &242,350\end{array}$$


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?