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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.

 

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

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