Also in the requirements for part 2,3

Great Quailty Car reconditions engines. Its job cost records yield the following information. Great Quailty Car uses a perpetual inventory system. (Click to view the job order costing records information.) Read the requirements. Requirement 1. Compute Great Quaility Car's cost of (a) Work in Process Inventory at May 31 and June 30. (b) Finished Goods Inventory at May 31 and June 30, and (c) Cost of Goods Sold for May and June. Prepare the May schedule first. (Complete only necessary answer boxes. If a box is not used in the table leave the box empty; do not enter a zero.) Great Quailty Car Computation of Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold For May and June Data Table (a) Work in Process Inventory (b) Finished Gcods Inventory (c) Cost of Gocds Sold 1,200 1,900 3,100 Total Cost of Job at May 31 Total Manufacturing Cost Added in June May 31 500 3 1,000 1 Job Sold 59 5/13 $ 6/3 6V1 6114 719 No. Started Finished 500 1,000 Total $ Tota Total 1,200 1,900 1,000 500 4/3 5/12 June 30: 5/31 5/31 6/8 6/23 6/12 500 Total 716 1,800 Print Done 1. Compute Great Quailty Car's cost of (a) Work in Process Inventory at May 31 and June 30, (b) Finished Goods Inventory at May 31 and June 30, and (c) Cost of Goods Sold for May and June 2. Make summary journal entries to record the transfer of completed jobs from Work in Process Inventory to Finished Goods Inventory 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? PrintDone