At May 31, 2014, the accounts of Mantle Company show the following. 1. May 1 inv

Question

At May 31, 2014, the accounts of Mantle Company show the following.

1. May 1 inventoriesfinished goods $13,010, work in process $16,510, and raw materials $9,050. 2. May 31 inventoriesfinished goods $9,780, work in process $20,000, and raw materials $7,340. 3. Debit postings to work in process were direct materials $62,890, direct labor $52,860, and manufacturing overhead applied $42,330. 4. Sales revenue totaled $211,990.
Prepare a condensed cost of goods manufactured schedule. Click if you would like to Show Work for this question:

Explanation / Answer

COST OF GOODS MANUFACTURED

DIRECT MATERIALS = 62890

ADD:-DIRECT LABOR = 52860

ADD:MANUFACTURING OVERHEAD APPLIE D= 42330

ADD:-OPENING WIP = 16510

LESS:-CLOSING WIP = (20000)

COST OF GOODS MANUFACTURED= 154590

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