List of accounts Accounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentCashCost of Completed Service ContractsCost of Goods SoldDepreciation ExpenseEmployer Fringe Benefits PayableEmployer Payroll Taxes PayableFactory LaborFactory Wages PayableFinished Goods InventoryManufacturing OverheadOperating OverheadPrepaid Property TaxesRaw Materials InventorySalaries and Wages PayableSales RevenueService Contracts in ProcessService Salaries and WagesSuppliesUtilities PayableWork in Process Inventory Prepare an income statement for May 2022 through gross profit.(c)eTextbook and MediaList of AccountsSave for LaterVvv3VVMORIOLE COMPANY(Partial) Income StatementPrepare the balance sheet section of the manufacturing inventories at May 31, 2022.ORIOLECOMPANY(Partial) Balance sheetAttempts: 0 of 2 usedSubmit Answer At May 31, 2022, the accounts of Oriole Company show the following.1.2.3.4.ress(a)May 1 inventories-finished goods $11,080, work in process $12.920, and raw materials $7,200.May 31 inventories-finished goods $8,360, work in process $14,000, and raw materials $6.240.Debit postings to work in process were direct materials $54,920, direct labor $44,000, and manufacturing overhead applied$35,200. (Assume that overhead applied was equal to overhead incurred.)Sales revenue totaled $189,200.Prepare a condensed cost of goods manufactured schedule for May 2022.e Textbook and MediaS>ORIOLE COMPANYCost of Goods Manufactured Schedule$$$

Inventory is one of the current assets of a company. It is recorded on the current asset section of…

Answered: (a) Prepare a condensed cost of goods…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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List of accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Property Taxes Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Work in Process Inventory

Prepare an income statement for May 2022 through gross profit.
(c)
eTextbook and Media
List of Accounts
Save for Later
V
v
v
3
V
V
M
ORIOLE COMPANY
(Partial) Income Statement
Prepare the balance sheet section of the manufacturing inventories at May 31, 2022.
ORIOLECOMPANY
(Partial) Balance sheet
Attempts: 0 of 2 used
Submit Answer

At May 31, 2022, the accounts of Oriole Company show the following.
1.
2.
3.
4.
ress
(a)
May 1 inventories-finished goods $11,080, work in process $12.920, and raw materials $7,200.
May 31 inventories-finished goods $8,360, work in process $14,000, and raw materials $6.240.
Debit postings to work in process were direct materials $54,920, direct labor $44,000, and manufacturing overhead applied
$35,200. (Assume that overhead applied was equal to overhead incurred.)
Sales revenue totaled $189,200.
Prepare a condensed cost of goods manufactured schedule for May 2022.
e Textbook and Media
S
>
ORIOLE COMPANY
Cost of Goods Manufactured Schedule
$
$
$

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