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

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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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2 Answers

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