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Prepare a Cost of Goods Manufactured Schedule

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.

Solution Preview

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1. Prepare a condensed cost of goods manufactured schedule.
YELLOW KNIFE MANUFACTURING COMPANY
Cost of Goods Manufactured Schedule
For the Month Ended May 31, 2005

Work in process, May 1 $ 14,700
Direct materials used $62,400
Direct labor 32,000
Manufacturing ...

Solution Summary

The solution gives an example of a cost of goods manufactured schedule based on information provided.

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