Luke’s lubricants starts business on january 1. the following operations data are available for january for the one lubricant it produces: beginning inventory: 0 gallonsstarted in january: 153,000 gallonsending work-in-process inventory (80% complete) 16,000 gallonscosts incurred in january follow: materials $ 229,450labor 25,000manufacturing overhead 79,000all production at luke’s is sold as it is produced (there are no finished goods inventories).compute cost of goods sold for january. what is the value of work-in-process inventory on january 31?

Which of the following statements is correct? stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. potential conflicts between stockholders and bondholders are increased if a firm's bonds are convertible into its common stock. takeovers are most likely to be attempted if the target firm’s stock price is above its intrinsic value. one advantage of operating a business as a corporation is that stockholders can deduct their pro rata share of the taxes the firm pays, thereby eliminating the double taxation investors would face in a partnership.