Question - At May 31, 2017, 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.
Instructions
(a) Make an condensed cost of goods manufactured schedule.
(b) Make an income statement for May through gross profit.