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.

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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Question

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, 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) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2010.

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