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Tierney Company begins operations on April 1, Information from
Compute work in process and finished goods from job cost sheets. (LO 2,4), AP
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?
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