b. Calculate the balance in Finished Goods Inventory at the end of each month. c. Calculate the gross profit for May, June, and July.

E3.26 Calculate work in process and finished goods from job cost sheets. (LO 3, 5) Laubitz 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 $6,500 $4,400 May 11 4,100 3,900 $3,000 June 12 1,200 April 13 4,700 3,400 June 14 5,400 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. Instructions a. Calculate the balance in Work in Process Inventory at the end of each month