Engine Pro reconditions engines. Its job costing records yield the following information. Engine Pro uses a perpetual inventory system.

Requirements
1. Compute Engine Pro's cost of (a) Work in Process Inventory at April 30 and May 31,
(b) Finished Goods Inventory at April 30 and May 31, and (c) Cost of Goods Sold for April and May.
2. Make summary journal entries to record the transfer of completed jobs from Work in Process to Finished Goods for April and May.
3. Record the sale of Job 5 on account for $2,300.
4. Compute the gross profit for Job 5. What costs must the gross profit cover?

Transcribed Image Text:

Total Manufacturing Cost Added in Total Cost Date of Job at April 30 May Finished Job No. Started Sold $1,800 3/26 4/7 4/9 4/3 4/12 $1,300 2 4/13 4/30 $1,500 3 4/29 5/3 $ 300 $ 800 5/1 4 4/30 5/1 $ 500 5/14 5/8 5/12 5/23 $1,900 6/6 6/9 1,