Laubitz Company begins operations on Apr.1. Information from job cost sheets shows the following: Manufacturing Costs Assigned
Job Number April May June Month Completed
10 $7,500 $4,400 May
11 $4,100 $6,900 $3,000 June
12 $3,200 April
13 $4,700 $9,400 June
14 $4,400 $3,600 Not complete
Each job was sold for 25% above its cost in the month following completion.
(a) Work in Process Inventory at
April 30: $Answer
May 31: $Answer
(b) Finished Goods Inventory at
April 30: $Answer
May 31: $Answer
(c) Gross Profit for
May: $Answer
June: $Answer

1. 2. April 30 $11600

31-May $20100

2. April 30 $3,200

31-May $11,90

3. Profit April 0

May$800

June $2975

Explanation:

1) Calculation for Work in Process Inventory at

April 30 and 31-May

Work in Process Inventory at

April 30=7500+4100

Work in Process Inventory at

April 30=$11600

Work in Process Inventory at31-May=4100+6900+4700+4400

Work in Process Inventory at31-May=$20100

2) Calculation for Finished Goods Inventory at

April 30 and 31-May

Finished Goods Inventory at

April 30:$3,200

Finished Goods Inventory at 31-May=7500+4400

Finished Goods Inventory at 31-May=$11,900

3) Calculation for Gross Profit

Gross Profit April :0

Gross Profit May =3200*25%

Gross Profit May=800

Gross ProfitJune :- Job 10=(7500+4400)*25%Gross Profit June 2975

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