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Yellow Knife Manufacturing 12600

Price: $1.99


At May 31, 2005, the accounts of Yellow Knife 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 $11,500, 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 $48,000.
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,
2005.

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