At May 31, 2012, the accounts of Hannifan Manufacturing Company show the following: 1. May 1 inventories-finished
Question:
At May 31, 2012, the accounts of Hannifan Manufacturing Company show the following:
1. May 1 inventories-finished goods $12,600, work in process $17,400, and raw materials $8,200.
2. May 31 inventories-finished goods $15,400, work in process $17,900, and raw materials $7,100.
3. Debit postings to work in process were direct materials $54,200, direct labour $32,000, and manufacturing overhead applied $40,000.
4. Sales totaled $200,000.
Instructions
(a) Prepare a condensed cost of goods manufactured schedule.
(b) Prepare an income statement for May through gross profit.
(c) Provide the balance sheet presentation of the manufacturing inventories at May 31, 2012.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118033890
3rd Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly