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Ivanhoe 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 $4,460 $3,820 May
11 3,520 3,360 $1,720 June
12 1,020 April
13 4,030 3,870 June
14 5,080 3,090 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.

a. What is the balance in Work in Process Inventory at the end of each month?
b. What is the balance in Finished Goods Inventory at the end of each month?
c. What is the gross profit for May, June, and July?

Sagot :

The balance in Work in Process Inventory for April, May, and June will be $12800, $23100, and $9900.

How to calculate Work in Process Inventory

From the information, the Work in Process Inventory for April will be:

= $6900 + $5900 = $12800

The work in process inventory for May will be:

= $5900 + $4600 + $6600 + $6000

= $23100

The Work in Process Inventory for June will be:

= $6000 + $3900

= $9900

The balance in Finished Goods Inventory at the end of April will be $2800. The balance in Finished Goods Inventory at the end of May will be:

= $6900 + $6100

= $13000

The balance in Finished Goods Inventory at the end of June will be:

= $5900 + $4600 + $2800 + $6600 + $5700

= $25600

Learn more about work in process on:

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