(Solution) - At May 31 2010 the accounts of Hannifan Manufacturing Company -(2025 Original AI-Free Solution)

Paper Details

At May 31, 2010, the accounts of Hannifan 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 $9,500, 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 $40,000.
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, 2010.