Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

EnginePro reconditions engines. Its job cost records yield the following information. EnginePro uses a perpetual inventory system. (Click to view the job order costing

image text in transcribed

EnginePro reconditions engines. Its job cost records yield the following information. EnginePro uses a perpetual inventory system. (Click to view the job order costing records information.) Read the requirements. Requirement 1. Compute Engine Pro'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. (If an input field is not used in the table, leave the input field empty; do not enter a zero.) EnginePro Computation of Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold For May and June Date Cost (a) Work in Process Inventory (b) Finished Goods Inventory Job (c) Cost of Goods Sold Job Cost Job Cost May 31: Total Total Total Data table Date - X Requirements 4/26 Job No. Started Finished Job 1 Sold Total Cost of Job at May 31 Total Manufacturing Cost Added in June 5/7 5/9 $ 1,700 1. Compute EnginePro'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. Job 2 4/3 5/12 5/13 $ 1,200 Job 3 5/29 5/31 6/3 $ 1,000 2. Make summary journal entries to record the transfer of completed jobs from Work in Process Inventory to Finished Goods Inventory for May and June. 3. Record the sale of Job 5 on account for $2,000. Job 4 5/31 6/1 6/1 $ 800 $ 800 Job 5 6/8 6/12 6/14 $ 500 4. Compute the gross profit for Job 5. What costs must the gross profit cover? Job 6 6/23 7/6 7/9 $ 1,400 G

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions