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    Cost of Goods Manufactured Schedule - Corrales Manufacturing

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    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.

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    Solution Summary

    This explains the preparation of cost of goods manufactured schedule, balance sheet and income statement with the aid of an attached Excel file.