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Home/ Questions/Tierney Company begins operations on April 1. Information from job cost sheets shows the following.
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lyytutoria
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lyytutoriaExpert
Asked: April 11, 20222022-04-11T18:40:59+00:00 2022-04-11T18:40:59+00:00In: Accounting

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

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

Manufacturing Costs Assigned

Job Number

April

May

June

Month Completed

10 $7,100 $6,400 May
11 5,900 5,900 $3,300 June
12 1,500 April
13 6,500 6,100 June
14 6,800 4,000 Not complete

Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion.

(a) What is the balance in Work in Process Inventory at the end of each month?

Work in Process Inventory
April 30

$

May 31

$

June 30

$

(b) What is the balance in Finished Goods Inventory at the end of each month?

Finished Goods Inventory
April 30

$

May 31

$

June 30

$

c. what is the gross profit for each month?


♦ Relevant knowledge
It is determined by taking into account only the direct expenses that are incurred as well as direct revenues made. It is reported in any of the statements that financials of the business called the income statement or profits and losses statement.

 

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    lyytutoria Expert
    2022-04-16T11:42:14+00:00Added an answer on April 16, 2022 at 11:42 am

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  2. Noah Davis
    2022-04-11T18:41:02+00:00Added an answer on April 11, 2022 at 6:41 pm
    a. ) Work in Process
    Inventory
    Job
    Apr-30 $ 13,000 =7100+5900 10 & 11
    May-31 $ 25,100 =5900+5900+6500+6800 11,13 & 14
    Jun-30 $ 10,800 =6800+4000 14
    b. ) Finished Goods
    Inventory
    Job
    Apr-30 $ 1,500 12
    May-31 $ 13,500 =7100+6400 10
    Jun-30 $ 27,700 =5900+5900+3300+6500+6100 11 & 13
    c. ) Gross
    Profit
    Job
    Apr-30 –
    May-31 $ 375 =1500*25% 12
    Jun-30 $ 3,375 =13500*25% 10
    Jul-31 $ 6,925 =27700*25% 11 & 13
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