At May 31, 2014, the accounts of Mader Company show the following job order cost system.

May 1 inventoriesfinished goods $12,600, work in process $14,700, and raw materials $8,200.

May 31 inventoriesfinished goods $9,500, work in process $17,900, and raw materials $7,100.

additional postings to work in process were direct materials $62,400, direct labor $50,000, and manufacturing overhead applied $40,000.

Sales revenue totaled $210,000.

Instructions

(a)

Prepare a condensed cost of goods manufactured schedule.

(b)

Prepare an income statement for May through gross profit.

(c)

Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2014.

(a)	Mader COMPANY
	Cost of Goods Manufactured Schedule
	For the Month Ended May 31, 2014
	Work in process, May 1
	Direct materials used
	Direct labor
	Manufacturing overhead applied
		Total manufacturing costs
	Total cost of work in process
	Less: Work in process, May 31
	Cost of goods manufactured
(b)	Mader COMPANY
	(Partial) Income Statement
	For the Month Ended May 31, 2014
	Sales revenue
	Cost of goods sold
		Finished goods, May 1
		Cost of goods manufactured
		Cost of goods available for sale
		Less: Finished goods, May 31
			Cost of goods sold
	Gross profit
(c)	MANTLE COMPANY
	(Partial) Balance sheet
	31-May-14
	Current assets:
		Finished goods inventory
		Work in process inventory
		Raw materials inventory