Question

Tierney Company begins operations on April 1. Information from job cost sheets shows the following. Manufacturing Costs Assigned Job Month Number April Complet May June $5,300 $4,800 May 10 6,100 4,900 $2,200 June 11 2,300 12 April 13 5,100 5,000 June 6,800 4,600 Not comp 14 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.

Answer 1

ceook en progress Proptooy Apoil 30 C5,300 +6,100) -) 11,400 May 3) (6,100+490075100+6800) -> 22900 June 30 C6800 + 4,600) =) 11,400 Apr 130 max3 Joro 30 Finished goods Inventory & 2,300 =) 2,300 (5,300 +0800) > 10,100 (6,100 + 4 900+ 2200 +5,100+5000) => 23,300 May Gross profit $ 2300 x 0.25 = 575 10,100 x0.25 -) 2525 23,300 x0.25 =) 5,825 Jone July