Exercise 17.13 (Static) Determining Balance Sheet Amounts from Job Sheets (LO17-3, LO17-4, LO17-5)

Robinson International began operations in early February. The company has provided the following summary of total manufacturing costs assigned to the job sheets of its entire client base during its first three months of operations.

Job Number	February			March			April			Total Costs Assigned
1000	$	12,400		$	6,800					$	19,200
1001		15,000			7,400		$	1,400			23,800
1002		2,000									2,000
1003					16,000			4,000			20,000
1004					9,000			6,000			15,000

Job no. 1002 was completed in February and sold in March. Job no. 1000 was completed and sold in March. Job no. 1001 was completed and sold in April. Job no. 1003 was completed in April, but it wont be delivered until early May. Only job no. 1004 remains in process at April 30. The selling prices are set at 175 percent of the manufacturing costs assigned to each job.

a. Determine the Work in Process Inventory balance at the end of February, March, and April.

b. Determine the Finished Goods Inventory balance at the end of February, March, and April.

c. Compute the company's total gross profit for the three months ended April 30.