Laubitz Company begins operations on April 1
by | Mar 18, 2020 | Uncategorized
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Laubitz Company begins operations on April 1. Information from job cost sheets shows the following:
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Manufacturing Costs Assigned
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Job Number
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April
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May
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June
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Month Completed
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10
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$6,500
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$4,400
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May
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11
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4,100
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3,900
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$3,000
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June
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12
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1,200
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April
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13
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4,700
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3,400
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June
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14
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5,400
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3,600
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Not complete
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Each job was sold for 25 % above its cost in the month following completion.
IE
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Calculate the balance in Work in Process Inventory at the end of each month.
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Work in Process Inventory
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April 30
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$?
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May 31
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$?
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June 30
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$?
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Calculate the balance in Finished Goods Inventory at the end of each month.
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Finished Goods Inventory
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April 30
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$?
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May 31
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$?
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June 30
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$?
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IE
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Calculate the gross profit for May, June, and July. (Round answer to the nearest whole dollar, e.g. 5,275.)
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Month
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Gross Profit
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May
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$?
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June
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$?
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July
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$?
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