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Q. 17-22E-d

Expert-verified
Horngren'S Financial And Managerial Accounting
Found in: Page 944

Short Answer

June production generated the following activity in Bentley Chassis Company’s Work-in-Process Inventory account:

June 1 balance

$36,000

Direct materials used

32,000

Direct labor assigned to jobs

40,000

Manufacturing overhead allocated to jobs

28,000

Additionally, Bentley Chassis has completed Jobs 142 and 143, with total costs of

$37,000 and $48,000, respectively.

Requirements

4. What is the gross profit on Job 143?

The gross profit earned on Job 143 is $15,000

See the step by step solution

Step by Step Solution

Gross profit

Gross profit means the income of the company after paying all the direct expenses related to the manufacturing of the goods. It is a financial term used for determining the profitability of the company.

Calculation of gross profit

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