At May 31, 2022, the accounts of Wildhorse Company show the following. 1. May 1 inventories-finished...

 

Transcribed Image Text:

At May 31, 2022, the accounts of Wildhorse Company show the following. 1. May 1 inventories-finished goods $16,330, work in process $19,010, and raw materials $10,560. 2. May 31 inventories-finished goods $12,350, work in process $20,720, and raw materials $9,180. 3. Debit postings to work in process were direct materials $81,170, direct labor $65,000, and manufacturing overhead applied $52,000. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $279,500. At May 31, 2022, the accounts of Wildhorse Company show the following. 1. May 1 inventories-finished goods $16,330, work in process $19,010, and raw materials $10,560. 2. May 31 inventories-finished goods $12,350, work in process $20,720, and raw materials $9,180. 3. Debit postings to work in process were direct materials $81,170, direct labor $65,000, and manufacturing overhead applied $52,000. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $279,500.

Answer rating: 100% (QA)

To determine the cost of goods sold for Wildhorse Company for the month of May 2... View the full answer