At May 31, 2019, the accounts of Kuhlmann Manufacturing Company show the following:
1. May 1...
At May 31, 2019, the accounts of Kuhlmann 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 $8,500, work in process $22,900, and raw materials $7,100.
3. Debit postings to work in process were: direct materials $77,400, direct labor $50,000, and manufacturing overhead applied $45,000.
4. Sales totaled $225,000.
Required:
a. Prepare a condensed cost of goods manufactured schedule.
b. Prepare an income statement for May through gross profit.
Answers: 2
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