Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of International Financial Accounting And Reporting

Authors: Roger Hussey

1st Edition

9814280232, 9789814280235

More Books

Students also viewed these Accounting questions

Question

2. How is communication defi ned?

Answered: 1 week ago

Question

=+Understand the different types of personal brands in social media

Answered: 1 week ago