Accounting E15-10 help please?
Tomlin Company began operations on April 1. Information from job cost sheets shows the following manufacturing costs assigned to each job:
Job Number | April | May | June | Month Completed
--- | --- | --- | --- | ---
10 | $5,200 | $4,400 | - | May
11 | $4,100 | $3,900 | $3,000 | June
12 | $1,200 | - | - | April
13 | - | $4,700 | $4,500 | June
14 | - | $4,900 | $3,600 | Not complete
Job 12 was completed in April, Job 10 was completed in May, and Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion.
What is the balance in Work in Process Inventory at the end of each month?
- April 30: $9,300
- May 31: ???
- June 30: ???
What is the balance in Finished Goods Inventory at the end of each month?
- April 30: $1,200
- May 31: $9,600
- June 30: $20,200
What is the gross profit for May, June, and July?
- May: $300
- June: $2,400
- July: $5,050
I am having difficulty calculating the Work in Process Inventory correctly. Could someone please assist me?
3 Answers
Look the answers below:
Laubitz Company begins operations on April 1. Information from job cost sheets shows the following:
Manufacturing Costs Assigned
Job NumberAprilMayJuneMonth Completed
10 $6,500$4,400May
11 4,1004,200$3,200June
12 1,400 April
13 4,900 3,400 June
14 5,6003,700 Not complete
Each job was sold for 25 % above its cost in the month following completion.
ANWERS:
Work in Process Inventory
April 30$10,600 with correct answer
May 31$18,800 with correct answer
June 30$9,300 with correct answer
Finished Goods Inventory
April 30$1,400 with correct answer
May 31$10,900 with correct answer
June 30$19,800 with correct answer
MonthGross Profit
May$350 with correct answer
June$2,725 with correct answer
July$4,950 with correct answer
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