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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.

 

Accounting Basics, Accounting

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

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