Accounting E15-10 help please?

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

  • what is the question?

    Read the book.

  • 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

  • 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

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