Forte Company begins operations on April 1. Information from job cost - 14343

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Question 3

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Forte 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

$5,500

$3,600

 

May

 

11

  3,600

  3,800

$4,200

June

 

12

  1,100

 

 

April

 

13

 

  4,100

  4,900

June

 

14

 

  3,600

  4,600

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?

What is the balance in Finished Goods Inventory at the end of each month?

What is the gross profit for May, June, and July?

 

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