E2-9 - For the Month Ended May 31, 2005 Sales $200,000 Cost...

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Ch 2 - E2-9 (a) Prepare a condensed cost of goods manufactured schedule. Yellow Knife Manufacturing Company Cost of Goods Manufactured Schedule For the Month Ended May 31, 2005 1-May Work in process $14,700 Direct materials used $62,400 Direct labor $32,000 Manufacturing overhead applied $48,000 Total manufacturing costs $142,400 Total cost of work in process $157,100 1-May Less: Work in process $17,900 Cost of goods manufactured $139,200 (b) Prepare an income statement for May through gross profit. Yellow Knife Manufacturing Company (Partial) Income Statement
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Unformatted text preview: For the Month Ended May 31, 2005 Sales $200,000 Cost of goods sold 1-May Finished goods $12,600 Cost of goods manufactured $139,200 Cost of goods available for sale $151,800 31-May Finished goods $11,500 Cost of goods sold $140,300 Gross profit $59,700 (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2005. May 31- manufacturing inventories will be reported in current assets as: Finished goods $11,500 Work in Process $17,900 Raw Materials $7,100...
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