Laubitz Company begins operations on April 1. Information from job cost sheets shows the following:

Each job was sold for 25% above its cost in the month following completion.
Instructions
(a) Calculate the balance in Work in Process Inventory at the end of each month.
(b) Calculate the balance in Finished Goods Inventory at the end of each month.
(c) Calculate the gross profit for May, June and July.

Transcribed Image Text:

Manufacturing Costs Assigned ob Number 10 May June Month Completed S6,500 $4,400 4,100 1,200 ay ne April 3,900 $3,000 12 13 14 4,700 5,400 3,400 3,600 une Not complete