Question
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
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 numberFeb.MarchAprilTotal assigned
1000$12,400$6,8000$19,200
1001150007400140023800
10022000002000
1003016000400020000
100409000600015000
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 won't 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.
Required:
1.Calculate the work in process inventory balance for February, march and April
2.Calculate finished goods inventory balance at the end of February, march and April
3.Calculate the company total gross profit for the three months ended April 30.
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