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 $ 6,600 $ 5,400 May 11 4,600 5,600 $ 3,900 June 12 1,700 April 13 5,500 5,700 June 14 6,300 4,700 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. - What is the balance in Finished Goods Inventory at the end of each month? Finished Goods Inventory April 30 $ May 31 $ June 30 $
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 $ 6,600 $ 5,400 May 11 4,600 5,600 $ 3,900 June 12 1,700 April 13 5,500 5,700 June 14 6,300 4,700 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. - What is the balance in Finished Goods Inventory at the end of each month? Finished Goods Inventory April 30 $ May 31 $ June 30 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Tierney Company begins operations on April 1. Information from
|
|
||||||||
|
Job
Number |
April |
May |
June |
Month
Completed |
||||
| 10 | $ 6,600 | $ 5,400 | May | |||||
| 11 | 4,600 | 5,600 | $ 3,900 | June | ||||
| 12 | 1,700 | April | ||||||
| 13 | 5,500 | 5,700 | June | |||||
| 14 | 6,300 | 4,700 | 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.
- What is the balance in Finished Goods Inventory at the end of each month?
| Finished Goods Inventory | ||
| April 30 |
$
|
|
| May 31 |
$
|
|
| June 30 |
$
|
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