Question

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

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 $6,300 $6,400 May
11 6,100 5,600 $3,200 June
12 1,900 April
13 6,500 6,100 June
14 6,800 4,600 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

$

0 0
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Answer #1
April 30 12400 [6300+6100]
May 31 25000 [6100+5600+6500+6800]
June 30 11400 [6800+4600]
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