Determine flow of costs through accounts (Learning Objectives 2 & 6) Gibbs Engine reconditions engines. Its job cost records yield the following information. Gibbs Engine uses a perpetual inventory system. P3.49A Total Manufacturing Cost Added in May Date Total Cost Job No. Started Finished 3/26 3/3 4/29 4/30 5/8 5/23 of Job at April 30 $1,900 $1,500 $1,000 $ 400 Sold 4/9 4/13 5/3 2 4/12 4/30 4 $ 400 S 800 $1,100 5/14 5/12 6/6 6/9 Requirements 1. Compute Gibbs Engine's cost of (a) Work in Process Inventory at April 30 and May 3 (b) Finished Goods Inventory at April 30 and May 31, and (c) Cost of Goods Sold for April and May. ake summary journal entries to record the transfer of completed jobs from Work in rocess Inventory to Finished Goods Inventory for March and April. 2. M 3. Record the sale of Job 5 on account for $2,200. 4. C ompute the gross profit for Job 5. What costs must the gross profit cover