50.1K

Verified Solution

Link Copied!

At May 31, 2022, the accounts of Wildhorse Company show the following. 1. May 1 inventories-finished goods $16,330, work in process $19,010, and raw materials $10,560. 2. May 31 inventories-finished goods $12,350, work in process $20,720, and raw materials $9,180. 3. Debit postings to work in process were direct materials $81,170, direct labor $65,000, and manufacturing overhead applied $52,000. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $279,500. Your answer is partially correct. Prepare a condensed cost of goods manufactured schedule for May 2022. WILDHORSE COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 les Revenue nished Goods, May 1 16330 ost of Goods Manufactured 196460 Ost of Goods Available for Sale 212790 nished Goods, May 31 les Revenue DUUR SS : Finished Goods, May 31 'Oss Profit e Textbook and Media List of Accounts Prepare an income statement for May 2022 through gross profit. WILDHORSE COMPANY (Partial) Income Statement For the Month Ended May 31, 2022 - Sales Revenue Cost of Goods Sold Finished Goods, May 1 $ 16330 Cost of Goods Manufactured 196460 i Cost of Goods Available for Sale 212790 i Less Finished Goods, May 31 12350 Gross Profit eTextbook and Media Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. WILDHORSECOMPANY (Partial) Balance sheet For the Year Ended May 31, 2022 Current Assets Inventories raw $ 9180 I Work in Process Inventory 20720 Finished Goods Inventory 12350 Share Capital $ 42250 e Textbook and Media List of Accounts

Answer & Explanation Solved by verified expert

See Answer