Question

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 $6,200 $4,900 May
11 5,000 4,700 $3,100 June
12 1,500 April
13 5,600 4,600 June
14 7,000 4,100 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.
What is the balance in Work in Process Inventory at the end of each month?

Answer 1

April 30 Work in Process Inventory $11,200

May 31 Work in Process Inventory $22,300

June 30 Work in Process Inventory $11,100

Step-by-step explanation:

Calculation for the balance in Work in Process Inventory at the end of each month

April 30 Work in Process Inventory=$6,200+$5,000

April 30 Work in Process Inventory=$11,200

May 31 Work in Process Inventory =$5,000+$ 4,700+$5,600+$7,000

May 31 Work in Process Inventory =$22,300

June 30 Work in Process Inventory= $7,000 + $4,100

June 30 Work in Process Inventory= $11,100

Therefore the balance in Work in Process Inventory at the end of each month will be :

April 30 Work in Process Inventory $11,200

May 31 Work in Process Inventory $22,300

June 30 Work in Process Inventory $11,100