Robinson International began operations in early February. The company has provided the following summary of total manufacturing costs assigned to the job sheets of its entire client base during its first three months of operations. Job Number February March April Total Costs Assigned
1000 $ 12,400 $ 6,800 $ 19,200
1001 15,000 7,400 $ 1,400 23,800
1002 2,000 2,000
1003 16,000 4,000 20,000
1004 9,000 6,000 15,000
Job no. 1002 was completed in February and sold in March. Job no. 1000 was completed and sold in March. Job no. 1001 was completed and sold in April. Job no. 1003 was completed in April, but it won’t be delivered until early May. Only job no. 1004 remains in process at April 30. The selling prices are set at 175 percent of the manufacturing costs assigned to each job.
a. Determine the Work in Process Inventory balance at the end of February, March, and April.
b. Determine the Finished Goods Inventory balance at the end of February, March, and April.
c. Compute the company's total gross profit for the three months ended April 30.