Question
At May 31, 2022, the accounts of Blossom Company show the following. 1. May 1 inventoriesfinished goods $15,580, work in process $18,140, and raw materials
At May 31, 2022, the accounts of Blossom Company show the following.
1. | May 1 inventoriesfinished goods $15,580, work in process $18,140, and raw materials $10,080. | |
2. | May 31 inventoriesfinished goods $11,780, work in process $19,760, and raw materials $8,760. | |
3. | Debit postings to work in process were direct materials $77,420, direct labor $62,000, and manufacturing overhead applied $49,600. (Assume that overhead applied was equal to overhead incurred.) | |
4. | Sales revenue totaled $266,600. |
(a)
Prepare a condensed cost of goods manufactured schedule for May 2022.
BLOSSOM COMPANY Cost of Goods Manufactured Schedule choose the accounting period |
---|
select an opening name for this schedule |
---|
$enter a dollar amount | ||||
select an item |
$enter a dollar amount | ||||
select an item |
enter a dollar amount | ||||
select an item |
enter a dollar amount | ||||
select a summarizing line for the first part |
enter a total amount for the first part | ||||
select a summarizing line for the second part |
enter a total amount for all two parts | ||||
select between addition and deduction |
: select an item
enter a dollar amount | ||||
select a closing name for this schedule |
$enter a total amount for this schedule |
(b)
Prepare an income statement for May 2022 through gross profit.
BLOSSOM COMPANY (Partial) Income Statement choose the accounting period |
---|
select an income statement item |
---|
$enter a dollar amount | ||||
select an opening section name |
select an income statement item |
---|
$enter a dollar amount | ||||
select an income statement item |
enter a dollar amount | ||||
select a closing subsection name |
enter a total amount for this subsection | ||||
select between addition and deduction |
: select an income statement item
enter a dollar amount | ||||
select a closing section name |
enter a total amount for this section | ||||
select a closing name for this statement |
$enter a total amount for this statement |
(c)
Prepare the balance sheet section of the manufacturing inventories at May 31, 2022.
BLOSSOMCOMPANY (Partial) Balance sheet choose the accounting period |
---|
select an opening section name |
---|
select an opening subsection name |
---|
enter a balance sheet item | $enter a dollar amount | |
---|---|---|
enter a balance sheet item | enter a dollar amount | |
enter a balance sheet item | enter a dollar amount | |
select a closing subsection name |
$enter a total amount for this subsection |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Lets start by preparing the condensed Cost of Goods Manufactured COGM schedule for May 2022 for Blossom Company a Cost of Goods Manufactured Schedule ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started