Please do not give solution in image format thanku Prepare a condensed cost of goods manufactured schedule for May 2022.Work in Process, May 1Direct Materials UsedDirect LaborManufacturing Overhead AppliedTotal Cost of Work in ProcessLessTotal Manufacturing CostsLessSales RevenueCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Cost of Goods ManufacturedCost of Goods SoldCost of Goods Available for Sale $Gross Profit(c):Work in Process, May 31#•Finished Goods, May 31SHERIDAN COMPANYCost of Goods Manufactured ScheduleFor the Month Ended May 31, 2022 +:##9#entM31 2031SHERIDAN COMPANY(Partial) Income StatementFor the Month Ended May 31, 202214.300172.300186,63010.83071.170SHERIDANCOMPANY(Partial) Balance sheet57,00045.600$$+245.100175.800Prepare the balance sheet section of the manufacturing inventories at May 31, 2022.69,30016,690173.770190.46018,160172.300 At May 31, 2022, the accounts of Sheridan Company show the following.1.2.3.4.May 1 inventories-finished goods $14,330, work in process $16,690, and raw materials $9,280.May 31 inventories-finished goods $10,830, work in process $18,160, and raw materials $8,060.Debit postings to work in process were direct materials $71,170, direct labor $57,000, and manufacturing overhead applied$45,600. (Assume that overhead applied was equal to overhead incurred.)Sales revenue totaled $245,100.

Financial statement means the statement including income statement, balance sheet, cash flow…

At May 31, 2022, the accounts of Sheridan Company show the following. May 1 inventories-finished goods $14,330, work in process $16,690, and raw materials $9,280. May 31 inventories-finished goods $10,830, work in process $18,160, and raw materials $8,060. Debit postings to work in process were direct materials $71,170, direct labor $57,000, and manufacturing overhead applied $45,600. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $245,100. 1. 2. 3. 4.

At May 31, 2022, the accounts of Sheridan Company show the following. May 1 inventories-finished goods $14,330, work in process $16,690, and raw materials $9,280. May 31 inventories-finished goods $10,830, work in process $18,160, and raw materials $8,060. Debit postings to work in process were direct materials $71,170, direct labor $57,000, and manufacturing overhead applied $45,600. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $245,100. 1. 2. 3. 4.

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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