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PLEASE DO NOT ANSWER IN IMAGE!!! Q: Tierney Company begins operations on April 1. Information from job cost sheets shows the following.Tierney Company begins operations on April 1. Information from job cost sheets shows the following. Job Number 10 11 12 13 14 April $5,200 4,100 1,200 Manufacturing Costs Assigned May $4,400 3,900 4,700 5,900 June $2,000 4,500 3,600 Month Completed May June April June 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. Instructions (a) What is the balance in Work in Process Inventory at the end of each month? (b) What is the balance in Finished Goods Inventory at the end of each month? (c) What is the gross profit for May, June, and July?

PLEASE DO NOT ANSWER IN IMAGE!!! Q: Tierney Company begins operations on April 1. Information from job cost sheets shows the following.Tierney Company begins operations on April 1. Information from job cost sheets shows the following. Job Number 10 11 12 13 14 April $5,200 4,100 1,200 Manufacturing Costs Assigned May $4,400 3,900 4,700 5,900 June $2,000 4,500 3,600 Month Completed May June April June 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. Instructions (a) What is the balance in Work in Process Inventory at the end of each month? (b) What is the balance in Finished Goods Inventory at the end of each month? (c) What is the gross profit for May, June, and July?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PLEASE DO NOT ANSWER IN IMAGE!!! Q: Tierney Company begins operations on April 1. Information from job cost sheets shows the following.Tierney Company begins operations on April 1. Information from job cost sheets shows the following. Job Number 10 11 12 13 14 April $5,200 4,100 1,200 Manufacturing Costs Assigned May $4,400 3,900 4,700 5,900 June Month Completed May June $2,000 April 4,500 June 3,600 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. Instructions (a) What is the balance in Work in Process Inventory at the end of each month? (b) What is the balance in Finished Goods Inventory at the end of each month? (c) What is the gross profit for May, June, and July?
Transcribed Image Text:PLEASE DO NOT ANSWER IN IMAGE!!! Q: Tierney Company begins operations on April 1. Information from job cost sheets shows the following.Tierney Company begins operations on April 1. Information from job cost sheets shows the following. Job Number 10 11 12 13 14 April $5,200 4,100 1,200 Manufacturing Costs Assigned May $4,400 3,900 4,700 5,900 June Month Completed May June $2,000 April 4,500 June 3,600 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. Instructions (a) What is the balance in Work in Process Inventory at the end of each month? (b) What is the balance in Finished Goods Inventory at the end of each month? (c) What is the gross profit for May, June, and July?
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