2. At May 31, 2010, the accounts of Hannifan Manufacturing Company show the following.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 $17,900, and raw materials $7,100.3. Debit postings to work in process were: direct materials $62,400, direct labor $32,000, andmanufacturing 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) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2010.

Income Statement: It is used to report a company financial statement during the accounting period…

(a) Prepare a condensed cost of goods manufactured schedule. (b) Prepare an income statement for May through gross profit. (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2010.

(a) Prepare a condensed cost of goods manufactured schedule. (b) Prepare an income statement for May through gross profit. (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2010.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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