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

Manufacturing Costs Assigned Job Number April May June Month Completed 10 20x0 S4,40X 114,100 3,900 S2,000 June 12 1,200 13 14 May Ayacil 4,700 4,500 June 5,900 3,600 Not complete