Each job was sold for 25 above its cost in the month, Ask an Expert

Accounting

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 $
5,216 $
4,400
May

11 6,132 3,916 $ 3,000 June
12 1,216 April
13 4,716 4,500 June
14 3,932 3,616 Not complete

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?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M981324

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