Tomlin Company begins operations on April 1. Information from job cost sheets shows the following.
Manufacturing Costs Assigned
Job Number - April ---- May ---- June ---- Month Completed
10 $5,200(april) $4,400(may) May(completed)
11 4,100(april) 3,900(may) $3,000(june) June(completed)
12 1,200(april) April(completed)
13 4,700(may) 4,500(june) June(completed)
14 4,900(may) 3,600(june) Not complete
Job 12 was completed in April. Job 10 was completed in May. 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 $9300
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 30 $5,050
Can't seem to get the Works in Progress right. Help please?
3 Answers
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what is the question?
Read the book.
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Look the answers below:
Laubitz Company begins operations on April 1. Information from job cost sheets shows the following:
Manufacturing Costs Assigned
Job Number April May June Month Completed
10 $6,500 $4,400 May
11 4,100 4,200 $3,200 June
12 1,400 April
13 4,900 3,400 June
14 5,600 3,700 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
Month Gross Profit
May $350 with correct answer
June $2,725 with correct answer
July $4,950 with correct answer
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you need to take into account past work
so may 31 include unfinish from april ect
by the way your finish good and g p part will be wrong