=+4 All costs incurred during the planning stage for a tour and during the tour are gathered in a balance sheet account called ‘Tours in progress (TIP)’. When a tour is completed, the costs are transferred to an income statement account called ‘Cost of completed tours (CCT)’.

Following is cost information for June 2014:

From beginning TIP Incurred in June Band Materials Labour Materials Labour Grace Beknown $550 $825 $25 195 Everlasting 275 675 110 250 Sleeping Lions — — 325 367 There For You — — 675 475 Tomorrow’s Here — — 1055 625 Actual general overhead in June was $3650 and logistics overheads were $2750.

Required 1 Calculate TIP (Tours in progress) cost for the end of June.