ACC 349 E2-9 At May 31, 2005, the accounts of Yellow Knife Manufacturing Company show the following 1 answer below »


Exercise 2-9 (E2-9)Prepare a cost of goods manufactured schedule and partial financial statements. (SO 2, 5)
At May 31, 2005, the accounts of Yellow Knife 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 $11,500, 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 $48,000.
4. Sales totaled $200,000.
Instructions
1. Prepare a condensed cost of goods manufactured schedule.
2. Prepare an income statement for May through gross profit.
3. Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2005.

[Button id=”1″]



Source link

Thanks for installing the Bottom of every post plugin by Corey Salzano. Contact me if you need custom WordPress plugins or website design.

Looking for a Similar Assignment? Our ENL Writers can help. Get your first order at 15% off!

Order

Hi there! Click one of our representatives below and we will get back to you as soon as possible.

Chat with us on WhatsApp
%d bloggers like this: