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 $7,200 $5,600 May 11 5,800 4,300 $3,700 June 12 1,800 April 13 6,000 5,100 June 14 6,700 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. (a) What is the balance in Work in Process Inventory at the end of each month

April

Job 12 was completed in April which leaves only Job 10 and 11 in April.

Balance in Work in process account is;

= 7,200 + 5,800

=  $13,000

May

Job 10 was completed in May leaving Jobs 11, 13 and 14.

The costs for Job 11 will include the costs from April.

= 5,800 + 4,300 + 6,000 + 6,700

= $22,800

June

Jobs 11 and 13 were completed in June leaving only Job 14.

Job 14 costs will include costs from May as well.

= 6,700 + 4,600

= $11,300

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.