Job Order Costing

1. May 1 inventories - finished goods $12,600, work in process $14,700, and raw materials $8,200.
2. May 31 inventories - finished goods $9,500, work in process $15,900, and raw materials $7,100
3. Debit postings to work in process were direct materials $62,400, direct labor $50,000, and manufacturing overhead applied $40,000.
4. Sales revenue totaled $215,000

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 Ma 31, 2020.

Solution