Exercise 15-10 Tierney Company begins operations on April 1. Information from jo

Question

Exercise 15-10 Tierney Company begins operations on April 1. Information from job cost sheets shows the following ring Costs Assigned Month Job Number ArilMay June Completed 10 S5,200 $4,400 May 4,100 3,900 $2,000 June April 4,700 4,500 June 12 13 14 1,200 Not complete 5,900 3,600 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? Work in Process Inventory April 30 May 31 June 30 LINK TO TEXT LINK TO TEXT What is the balance in Finished Goods Inventory at the end of each month? Finished Goods Invento ry April 30 May 31 June 30 LINK TO TEXT LINK TO TEXT What is the gross profit for May, June, and July? Gross Profit May June July Click if you would like to Show Work for this question:

Explanation / Answer

Working notes:

Job No April May June total 10 5,200 4,400 9,600 Finished -May 11 4,100 3,900 2,000 10,000 Finished -june 12 1,200 1,200 Finished April 13 4,700 4,500 9200 Finished June 14 5,900 3,600 9,500 WIP total 10,500 18,900 10100 39,500 a) Work in process inventory 30-Apr 9,300 (10500-1200) 31-May 18,600 (4100+3900+4700+5900) 30-Jun 9,500 b) Finished goods inventory 30-Apr 1,200 31-May 9,600 30-Jun 19,200 c) Gross profit May 300 June 2400 July 4800

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