Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

Prepare a condensed cost of goods manufactured schedule for May 2022. Work in Process, May 1 Direct Materials Used Direct Labor Manufacturing Overhead Applied Total Cost of Work in Process Less Total Manufacturing Costs Less Sales Revenue Cost of Goods Manufactured Cost of Goods Sold Finished Goods, May 1 Cost of Goods Manufactured Cost of Goods Sold Cost of Goods Available for Sale $ Gross Profit (c) : Work in Process, May 31 # • Finished Goods, May 31 SHERIDAN COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 + : # # 9 # ent M31 2031 SHERIDAN COMPANY (Partial) Income Statement For the Month Ended May 31, 2022 14.300 172.300 186,630 10.830 71.170 SHERIDANCOMPANY (Partial) Balance sheet 57,000 45.600 $ $ + 245.100 175.800 Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. 69,300 16,690 173.770 190.460 18,160 172.300
Transcribed Image Text:Prepare a condensed cost of goods manufactured schedule for May 2022. Work in Process, May 1 Direct Materials Used Direct Labor Manufacturing Overhead Applied Total Cost of Work in Process Less Total Manufacturing Costs Less Sales Revenue Cost of Goods Manufactured Cost of Goods Sold Finished Goods, May 1 Cost of Goods Manufactured Cost of Goods Sold Cost of Goods Available for Sale $ Gross Profit (c) : Work in Process, May 31 # • Finished Goods, May 31 SHERIDAN COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 + : # # 9 # ent M31 2031 SHERIDAN COMPANY (Partial) Income Statement For the Month Ended May 31, 2022 14.300 172.300 186,630 10.830 71.170 SHERIDANCOMPANY (Partial) Balance sheet 57,000 45.600 $ $ + 245.100 175.800 Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. 69,300 16,690 173.770 190.460 18,160 172.300
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.
Transcribed Image Text: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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS