Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

At May 31, 2011, the accounts of Stellar 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 $9,500, 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 $40,000.

4.Sales totaled $200,000.


Prepare a cost of goods manufactured schedule and partial financial statements.
(SO 2, 5)


Instructions

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

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

(c)Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2011.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940028

Have any Question? 


Related Questions in Accounting Basics

Subject overviewthis subject covers a critical review of

Subject Overview This subject covers a critical review of developments in accounting theory and professional standards including the search for a conceptual framework, the evaluation and comparison of various accounting ...

Problem-fenwicke company organized and began operating a

Problem- Fenwicke Company organized and began operating a subsidiary in a foreign country on January 1, 2015, by investing LCU 68,000. This subsidiary immediately borrowed LCU 170,000 on a five-year note with 6 percent i ...

Problemshareholders equity transactions and statement of

Problem Shareholders' Equity Transactions and statement of Financial position presentation The shareholder's equity og M. Gangoso corporation at Jan 1, 2016 appers below: *% preference share, P250 par, 15,000 shares auth ...

International accountingbased upon your three papers

International Accounting Based upon your three papers (Attached), the accounting standards paper and the company analysis paper, prepare a PowerPoint presentation of 10-15 slides in which you summarize what you have lear ...

Describe the differences between a profit and loss account

Describe the differences between a profit and loss account and a cash flow statement.

1 tonys pizza has total sales of 786611 and costs of 524268

1. Tony's Pizza has total sales of $786,611 and costs of $524,268. Depreciation is $38,470 and the tax rate is 31 percent. The firm does not have any interest expense. What is the operating cash flow? 2. A company purcha ...

Practice questionsdescribe the information needs of three

Practice questions: Describe the information needs of three different types of users of financial information and discuss how well these needs are met by the annual report and accounts.

Part problema retail company had the following merchandise

PART: Problem A retail company had the following merchandise inventory activity for its widget product line during the current monthly period. * For Specific ID, 50 units were sold from the beginning inventory; 100 from ...

Fbl5030 fundamentals of vlaue creation in business

FBL5030 FUNDAMENTALS OF VLAUE CREATION IN BUSINESS ASSIGNMENT ASSIGNMENT REQUIREMENTS- 1. The following is a list of 10 organisations/companies, one of which will be the subject of your analysis. CODE                   C ...

Accounting management and cost decisionsproduct costing

Accounting, Management, and Cost Decisions Product Costing Systems For the list of product manufacturers below, indicate whether a job-cost system (J) or a process cost system (P) would be most  appropriate. a. Chemicals ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate