Question
In: Accounting
Satellite Incorporation begins operations on September 1, 2019. Below is the information from job cost sheets:...
Satellite Incorporation begins operations on September 1, 2019. Below is the information from job cost sheets:
|
Manufacturing Costs Assigned |
|||
|
Job No. |
September |
October |
November |
|
SI 12 |
7,350 |
||
|
SI 13 |
9,150 |
7,050 |
$13,500 |
|
SI 14 |
$19,500 |
$6,150 |
|
|
SI 15 |
3,900 |
4,500 |
|
|
SI 16 |
6,300 |
||
Job SI 12 was completed in September. Job SI 14 was completed in October, and Jobs SI 13 and SI 15 were completed in November. Each job was sold for 35% 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 each month. (Round your answer to the nearest DOLLAR)
Solutions
Expert Solution
| a) Work InProcess | Amount | Working |
| 30-Sep | 28,650 | 9150+19500 (JOB13 &14) |
| 30-Oct | 20,100 | 7050+3900+9150 (JOB13&15) |
| 30-Nov | 6,300 | 6300 (JOB16) |
| b) Finished Goods | Working | |
| 30-Sep | 7,350 | 7350 (JOB12) |
| 30-Oct | 25,650 | 6150+19500 (JOB14) |
| 30-Nov | 38,100 | 9150+7050+13500+3900+4500 (JOB13 &15) |
| c) Gross Profit | Working | |
| 30-Sep | ||
| 30-Oct | 2,573 | 7350*35% |
| 30-Nov | 8,978 | 25650*35% |
| 31-Dec | 13,335 | 38100*35% |
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ITEM
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