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)
(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.