A manufacturer began operations on April 1 and reports the information below. All jobs are sold for 20% above cost.

1. Compute the May 31 balance in 

(a) Work in Process Inventory and 

(b) Finished Goods Inventory.

2. Compute gross profit for May.

Transcribed Image Text:

Manufacturing Costs Job number April May Job Status at May 31 1 $ 800 $2,120 Completed and sold during May 2 650 1,840 In process 3 1,200 2,630 Completed but not sold 4 475 400 Completed and sold during May 3,600 In process