At May 31, 2002, the accounts of Corrales 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 $10,500, 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 $64,000.
4. Sales totaled $200,000.
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, 2002.
This explains the preparation of cost of goods manufactured schedule, balance sheet and income statement with the aid of an attached Excel file.