At May 31, 2016, 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 totalled $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, 2016.