Exercise 15-10 (Part Level Submission)

Tierney Company begins operations on April 1. Information from job cost sheets shows the following.

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.

(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?

April 30-

May 31-

June 30-

C. What is the gross profit for may June and July?

May-

June-

July-

Manufacturing Costs Assigned Job Number Month Completed April May June 10 May $5,500 6,100 1,600 $5,400 4,100 11 $3,500 June 12 April June 13 6,400 6,300 4,600 4,200 14 Not complete Work in Process Inventory April 30 May 31 $ June 30 $