At May 31, 2022, the accounts of Cullumber Company show the following May 1 inventories-finished goods $16,080, work in process $18,720, and raw materials $10,400 May 31 inventories-finished goods $12.160, work in process $20,400, and raw materials $9,040 Debit postings to work in process we direct materials $79,920, direct labor $64,000, and manufacturing overhead applied $51,200. (Assume that overhead applied was equal to overhead incurred) Sales revenue totaled $275,200. 1 2 3. 4 Prepare a condensed cost of goods manufactured schedule for May 2022 CULLUMBER COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 eTextbook and Media -131

At May 31, 2022, the accounts of Cullumber Company show the following May 1 inventories-finished goods $16,080, work in process $18,720, and raw materials $10,400 May 31 inventories-finished goods $12.160, work in process $20,400, and raw materials $9,040 Debit postings to work in process we direct materials $79,920, direct labor $64,000, and manufacturing overhead applied $51,200. (Assume that overhead applied was equal to overhead incurred) Sales revenue totaled $275,200. 1 2 3. 4 Prepare a condensed cost of goods manufactured schedule for May 2022 CULLUMBER COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 eTextbook and Media -131

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Description: At May 31, 2022, the accounts of Cullumber Company show the followingMay 1 inventories-finished goods $16,080, work in process $18,720, and raw materials $10,400May 31 inventories-finished goods $12.160, work in process $20,400, and raw materials $9

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

At May 31, 2022, the accounts of Cullumber Company show the following
May 1 inventories-finished goods $16,080, work in process $18,720, and raw materials $10,400
May 31 inventories-finished goods $12.160, work in process $20,400, and raw materials $9,040
1
2
3.
4
Debit postings to work in process were direct materials $79,920, direct labor $64,000, and manufacturing overhead applied
$51,200. (Assume that overhead applied was equal to overhead incurred)
Sales revenue totaled $275,200.
Prepare a condensed cost of goods manufactured schedule for May 2022
CULLUMBER COMPANY
Cost of Goods Manufactured Schedule
For the Month Ended May 31, 2022 4
Sales Reverse
eTextbook and Media
$
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