Compute work in process and finished goods from job cost sheets. Tierney Company

Question

Compute work in process and finished goods from job cost sheets. Tierney Company begins operations on April 1. Information from job cost sheets shows the following. 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. What is the balance in Work in Process Inventory at the end of each month? What is the balance in Finished Goods Inventory at the end of each month? What is the gross profit for May. June, and July?

Explanation / Answer

April May June Job Number 10 5200 0 0 Job Number 11 4100 8000 0 Job Number 12 0 0 0 Job Number 13 4700 . Job Number 14 5900 9500 Work in Progress Balance 9300 18600 9500 April May June Job Number 10 0 9600 0 Job Number 11 10000 Job Number 12 1200 0 0 Job Number 13 0 0 9200 Job Number 14 0 0 0 Finished goods Ending Balance 1200 9600 19200 April May June July 1200 9600 19200 0 Gross Profit 25% 300 2400 4800

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