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

(LO 2, 4), AP

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	$5,200	$4,400		May
11	4,100	3,900	$2,000	June
12	1,200			April
13		4,700	4,500	June
14		5,900	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?