Homework Help is Here – Start Your Trial Now!
Business
Accounting
Hercules Company begins operations on April 1. Information from job cost sheets shows the following Manufacturing Costs Assigned April P 5,200 4,700 1,200 Job Number Month Completed May P 5,400 3,800 June 101 May P 2,000 June April 4,200 June 3,800 Not yet complete 102 103 104 5,800 5,200 105 Each job was sold for 25% above its cost in the month following completion Instructions: 1. Compute for the balance of Work in Process Inventory at the end of each month. 2. Compute for the balance of the Finished Goods Inventory at the end of each month 3. Compute for the gross profit for May, June and July

Hercules Company begins operations on April 1. Information from job cost sheets shows the following Manufacturing Costs Assigned April P 5,200 4,700 1,200 Job Number Month Completed May P 5,400 3,800 June 101 May P 2,000 June April 4,200 June 3,800 Not yet complete 102 103 104 5,800 5,200 105 Each job was sold for 25% above its cost in the month following completion Instructions: 1. Compute for the balance of Work in Process Inventory at the end of each month. 2. Compute for the balance of the Finished Goods Inventory at the end of each month 3. Compute for the gross profit for May, June and July

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

Problem 5

c) The completion of Job No 101 Problem 4 Hercules Cormpany begins operations on April 1. Information from job cost sheets shows the following Manufacturing Costs Assigned April P 5,200 4,700 1,200 Job Number May P 5,400 3,800 Month Completed May P 2,000 June April 4,200 June 3,800 Not yet complete June 101 102 103 104 5,800 5,200 105 Each job was sold for 25% above its cost in the month following completion Instructions: 1. Compute for the balance of Work in Process Inventory at the end of each month. 2. Compute for the balance of the Finished Goods Inventory at the end of each month 3. Compute for the gross profit for May, June and July
Transcribed Image Text:c) The completion of Job No 101 Problem 4 Hercules Cormpany begins operations on April 1. Information from job cost sheets shows the following Manufacturing Costs Assigned April P 5,200 4,700 1,200 Job Number May P 5,400 3,800 Month Completed May P 2,000 June April 4,200 June 3,800 Not yet complete June 101 102 103 104 5,800 5,200 105 Each job was sold for 25% above its cost in the month following completion Instructions: 1. Compute for the balance of Work in Process Inventory at the end of each month. 2. Compute for the balance of the Finished Goods Inventory at the end of each month 3. Compute for the gross profit for May, June and July
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS