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?

• what is the question?

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