Managerial Accounting: E20-9 At May 31, 2010, the accounts of Hannifan Manufacturing Company

Managerial Accounting
E20-9 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. Complete the condensed cost of goods manufactured schedule. (List amounts from largest to smallest eg 10, 5, 3, 2.)
b. Complete an income statement for May through gross profit.
c. Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2010.
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