Answer the questions regarding the partially completed T-accounts for XYZ Company for the month of May: Additional

Answer the questions regarding the partially completed T-accounts for XYZ Company for the month of May:
<ART: Use minus signs instead of hyphens. Make sure a space follows the + signs for “+ Direct Materials” and “+ Direct Labor”.>

Additional information:

•    Purchased direct materials were $8,000.

•    The labor wage rate was $24 per hour.

•    Manufacturing overhead was $5,200 for the month.

•    During the month, sales revenue was $21,000 and selling, general, and administrative costs were $5,000.

a. Complete the T-accounts for raw materials, work in process, and finished goods.

b. What was the amount of direct materials issued to production during May?

c. What was the ending balance of raw materials at the end of May?

d. What is the amount of prime costs?

e. What is the amount of conversion costs?

f. How many direct labor hours were worked in the month of May?

g. What is the amount of cost of goods manufactured for May?

h. What is the ending balance of the work in process Inventory at the end of May?

i. What is the amount of cost of goods sold for May?

j. What is the ending balance of the finished goods inventory for the month of May?

k. What was the company’s operating income for the month of May?

Transcribed Image Text:

Direct Materials Inventory Beginning Balance $2,000 + Purchases Ending Balance $6,400 Work in Process Inventory Beginning Balance $4,000 +Direct Materials +Direct Labor + Overhead Ending Balance - Direct Materials Used - Cost of Goods $6,000 Manufactured $9,600