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Accounting

At May 31, 2005, the accounts of Yellow Knife Manufacturing Company show the following.

1. May 1 inventories-finished goods $12,600, work in process $14,700, and raw materials $8,200.

2. May 31 inventories-finished goods $11,500, work in process $17,900, and raw materials $7,100.

3. Debit postings to work in process were: direct materials $62,400, direct labor $32,000, and manufacturing overhead applied $48,000.

4. Sales totaled $200,000.

Instructions:

(a) Prepare a condensed cost of goods manufactured schedule.

(b) Prepare an income statement for May through gross profit.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9430675

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