Question

ignment Exercise 172 At May 31, 2017, the accounts of Kuhlmann Manufacturing Company show the fol 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 $45,00 4 Sales totaled $225,000. Prepare a condensed cost of goods manufactured schedule. KUHLMANN MANUFACTURING COMPANY Cost of Goods Hanufactured Schedule For the Month Ended May 31, 2017 Work in Process, May1 Direct Materials Used Direct Labor Manufacturing Overhead Applied : Total Manufacturing Costs Total Cost of Work in Process Less : Work in Process, May 31 e然 Privao Poto 、 见2000-2019 JohnyítYASonalnc. AB Rights Reserved. A Division of 2amwiex A Sonuln. 3

Answer 1

Cost of goods Manufactured schedulled
Work in process, May 1			14700
Direct material used		77400
Direct labor		50000
Manufacturing overhead applied		45000
Total manufacturing costs			172400
Total cost of work in process			187100
Less : Work in process , May 31			22900
Cost of goods manufactured			351300
Income statement
Sales			225000
Cost of goods sold
Finished goods, May 1	12600
Cost of goods manufactured	351300
Cost of goods available for sale	363900
Finished goods, May 31	8500
Cost of goods sold			355400
Gross profit /(Loss)			-130400