Exercise -
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
|
$5,300
|
$5,500
|
|
May
|
|
11
|
4,600
|
4,600
|
$3,700
|
June
|
|
12
|
1,600
|
|
|
April
|
|
13
|
|
5,100
|
5,900
|
June
|
|
14
|
|
6,600
|
4,600
|
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.
What is the balance in Work in Process Inventory at the end of each month?