Engine Pro reconditions engines. Its job costing records yield the following information. Engine Pro uses a perpetual inventory system.

1. Compute Engine Pro’s cost of (a) Work in Process Inventory at April 30 and May 31, (b) Finished Goods Inventory at April 30 and May 31, and (c) Cost of Goods Sold for April and May.
2. Make summary journal entries to record the transfer of completed jobs from Work in Process to Finished Goods for April and May.
3. Record the sale of Job 5 for $ 2,200.
4. Compute the gross profit for Job 5. What costs must the gross profitcover?

  • CreatedAugust 27, 2014
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