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    Prepare a Cost of Goods Manufactured Schedule

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    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.

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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.

    $2.19

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