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E2-10 Tierney Company

Price: $1.99


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

Job Number April May June   Month Completed
 10  5,200  4,400  May 
 11  4,100  3,900  2,000  June  
 12  1,200  April  
 13  4,700  4,500  June  
 14  5,900  3,600  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.

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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