samahnasr2007
Jun 20, 2013, 02:34 PM
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 $6,800 $4,100 May
11 5,600 3,000 $3,000 June
12 2,100 April
13 2,500 3,100 June
14 3,400 4,000 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 28% above its cost in the month following completion.
What is the balance in Work in Process Inventory at the end of each month?
What is the balance in Finished Goods Inventory at the end of each month?
What is the gross profit for May, June, and July?
Manufacturing Costs Assigned
Job Number April May June Month Completed
10 $6,800 $4,100 May
11 5,600 3,000 $3,000 June
12 2,100 April
13 2,500 3,100 June
14 3,400 4,000 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 28% above its cost in the month following completion.
What is the balance in Work in Process Inventory at the end of each month?
What is the balance in Finished Goods Inventory at the end of each month?
What is the gross profit for May, June, and July?