Question
Homer Company begins operations on April 1. Information from job cost sheets shows the following. ob 12 was completed in April. Job 10 was completed
- Homer Company begins operations on April 1. Information from job cost sheets
shows the following. ob 12 was completed in April. Job 10 was completed in May.
Jobs 11 and 13 were completed
in June. Each job was sold for 30% above its cost in the month following completion.
Instructions
What is the balance in Work in Process Inventory at the end of each month?
a.April 30$12,500
May 31$19,300
June 30$9,800
b.April 30$11,300
May 31$14,900
June 30$9,800
c.April 30$11,300
May 31$19,300
June 30$9,800
d.April 30$11,300
May 31$19,300
June 30$6,600
+++++++++++++++++++++++++++++++++++++++++++++++++
1.2 Homer Company begins operations on April 1. Information from job cost sheets
shows the following.
Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed
in June. Each job was sold for 30% above its cost in the month following completion.
Instructions
What is the balance in Finished Goods Inventory at the end of each month?
a.April 30$1,200
May 31$11,600
June 30$20,300
b.April30$5,300
May31$11,600
June30$19,100
c.April30$1,200
May31$12,800
June30$19,100
d.April30$1,200
May31$11,600
June30$19,100
*************************************************
1.3 Homer Company begins operations on April 1. Information from job cost sheets
shows the following.
Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed
in June. Each job was sold for 30% above its cost in the month following completion.
Instructions
What is the gross profit for May, June, and July?
a.May $360
June $3,480
July $5,730
b.May$360
June$3,840
July $5,730
c.May$1,360
June$3,480
July $5,730
d.May$360
June$3,480
July $6,730
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Payroll Accounting 2018
Authors: Bernard J. Bieg, Judith Toland
28th edition
1337291056, 978-1337291057, 1337291137, 9781337291132, 9781337516686 , 978-1337291040
