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iPad 5:26 PM 51% edugen.wileyplus.com I chattanoog. M WileyPLUS Instagram H... What can I. Instagram H... McKamey A Reset Pass At May 31, 2014, the accounts of Mantle Company show the folowing 1. May 1 i 2May 31 inventories-finished goods $9,880, work in process $19,000, and raw materials $7,570 . Debit postings to work in process were direct materials $63,180, direct labor $50,570, and manufacturing overhead goods $15,670, work in process $16,260, and raw materials $8,400. Exercise 15-2 applied $40,940 . Sales revenue totaled $211,160 Preparecondensed cost of goods manufactured schedde. Exercise 156 Esercise 15 Direct Ma erials Used 63180 50570 Cost of Work in Process 9000 Exereise 15-13 152780 Review Results by Study Prepare an income statement for May through gross prof Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2014 In the May 31 balance sheet, the manufacturing inventories will be reported in as follows: Finished goods Work in Process and Raw Materials

Explanation / Answer

Cost of goods manufactured ;

Income statement

Balance sheet

In the may31,balance sheet the manufacturing inventory will be reported in inventory as follows, finished goods $9880,work in process $19000,and raw material $7570

Beginning work in process inventory 16260 +direct material 63180 +direct labour 50570 +manufacturing overhead applied 40940 154690 Total 170950 - ending work in process inventory (19000) Cost of goods manufactured 151950

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