Question

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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		$4,900				May
11		4,300		4,900		$3,700		June
12		1,400						April
13				4,800		6,600		June
14				6,700		3,800		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.

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		$4,900				May
11		4,300		4,900		$3,700		June
12		1,400						April
13				4,800		6,600		June
14				6,700		3,800		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)

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

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		$

Answer 1

Work in Process Inventory Workings April 30$ 11,400 [$7,100+4,300] May 31 $ 20,700 [$4,300+4,900+4,800+6,700] June 30 $ 10,500 [$6,700+3,800] *WIP= Goods under the process during the respective month. Finished Goods Workings April 30$ 1,400 ($1,400] May 31 $ 12,000 [$7,100+4,900] [$4,300+4,900+3,700+4,800+ June 30$ 24,300 6,600] * Finished Goods = Goods completed during the month. Gross Profit April 30$ May 31$ Workings 350 ($1,400]*25% 3,000 [$7,100+4,900]=$12,000*25% [$4,300+4,900+3,700+4,800 6,075 +6,600]=$ 24,300*25% June 30$ *Gross Profit = Finished Goods at the end of month*25%

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