Forte Company begins operations on April 1. Information from job cost sheets shows the following. Job 12
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Forte 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 25% above its cost in the month following completion.Instructions(a) What is the balance in Work in Process Inventory at the end of each month?(b) What is the balance in Finished Goods Inventory at the end of each month?(c) What is the gross profit for May, June, and July?
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a Work in Process Inventory April 30 9300 10 5200 11 4100 May 31 17600 11 8000 ...View the full answer
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Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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