Question

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

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 $5,700 $5,800 May 11 4,700 4,100 $4,000 June 12 2,100 April 13 6,300 4,600 June 14 6,600 3,800 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? Work in Process Inventory April 30 $ May 31 $ June 30 $ What is the balance in Finished Goods Inventory at the end of each month? Finished Goods Inventory April 30 $ May 31 $ June 30 $ What is the gross profit for May, June, and July? Gross Profit May $ June $ July $

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The information below was taken from the job cost sheets of Bates Company. Job Number Manufacturing...
The information below was taken from the job cost sheets of Bates Company. Job Number Manufacturing Costs as of June 30 Manufacturing Costs in July 101 $ 4,100 102 3,200 103 920 $ 2,000 104 2,100 4,500 105 5,700 106 3,800 During July, jobs no. 103 and 104 were completed, and jobs no. 101, 102, and 104 were delivered to customers. Jobs no. 105 and 106 are still in process at July 31. a. Compute the work in process inventory...
The information below was taken from the job cost sheets of Igmund Manufacturing. Job Number Manufacturing...
The information below was taken from the job cost sheets of Igmund Manufacturing. Job Number Manufacturing Costs as of June 30 Manufacturing Costs in July 101 $ 6,600 102 5,280 103 960 $ 3,600 104 4,080 7,200 105 8,400 106 2,900 During July, jobs no. 103 and 104 were completed, and jobs no. 101, 102, and 104 were delivered to customers. Jobs no. 105 and 106 are still in process at July 31. a. Compute the work in process inventory...
Morrow Corporation had only one job in process during May—Job X32Z—and had no finished goods inventory...
Morrow Corporation had only one job in process during May—Job X32Z—and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below:         Job X32Z Beginning balance $ 5,800 Charged to the job during May Direct materials $ 9,100 Direct labor $ 2,800 Manufacturing overhead applied $ 4,800 Units completed 180 Units in process at the end of May 0 Units sold during May 80 In May, overhead...
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time,...
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,500, direct labor of $3,800, and applied overhead of $3,230. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on account) for $25,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of the month. Custom Cabinetry...
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time,...
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,000, direct labor of $4,200, and applied overhead of $3,570. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on account) for $31,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of the month. Custom Cabinetry...
Hildreth Company uses a job order cost system. The following data summarize the operations related to...
Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $2,120. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $1,820 $2,040 102 2,220 2,750 103 1,470 1,350 104 4,990 5,060 105 3,170 3,860 106 2,310 2,450 For general factory use 620 3,020 Factory overhead costs incurred on account, $3,480. Depreciation of machinery and equipment, $1,450. The factory overhead...
Glenville Company has the following information for April: Cost of direct materials used in production $...
Glenville Company has the following information for April: Cost of direct materials used in production $ 44,000 Direct labor 53,000 Factory overhead 33,000 Work in process inventory, April 1 32,000 Work in process inventory, April 30 44,000 Finished goods inventory, April 1 25,000 Finished goods inventory, April 30 a)  For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. 18,000 Work in process inventory, April 1 _________________ Cost of direct materials...
Milner Manufacturing uses a job-order costing system. On May 1, the company has a total balance...
Milner Manufacturing uses a job-order costing system. On May 1, the company has a total balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals the following: Job Number Materials Requisition Slips Labour Time Tickets 429 $2,500 $2,200 430 $3,600 $3,000 431 $4,400 $10,500 $7,600 $12,800 General use costs incurred in month $1,000 $1,500 $11,500 $14,300 Milner Manufacturing applies manufacturing...
Billy Baroo Company uses a job order cost system. The following information was found in the...
Billy Baroo Company uses a job order cost system. The following information was found in the Work-in-Process account for the month of July. Date Description Amount [DR. or (CR.)] July 1 Balance $12,000 July 31 Direct labor 38,000 July 31 Direct materials 52,000 July 31 Factory overhead 30,400 July 31 Transfer to finished goods (80,000 ) Billy Baroo applies overhead to production at a predetermined rate of 80% based on the direct labor cost. Job #23, the only job still...
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $146,950 Selling expenses 49,090 Administrative expenses 25,950 Sales 312,660 Finished goods inventory, January 1 35,330 Finished goods inventory, January 31 32,200 For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT