E2-9 At May 31, 2011, the accounts of Stellar Manufacturing Company show the following. May 1 inventories-finished goods $12,600, work in process $14,700, and raw materials $8,200.

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

Debit postings to work in process were: direct materials $62,400, direct labor $32,000, and manufacturing overhead applied $40,000.

Sales totaled $200,000.

Prepare a condensed cost of goods manufactured schedule. (List amounts from largest to smallest e.g. 10, 5, 3, 2. Enter all amounts as positive amounts and subtract where necessary.) STELLAR MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2011

$ $

Less:

$

Prepare an income statement for May through gross profit. (Enter all amounts as positive amounts and subtract where necessary.) STELLAR MANUFACTURING COMPANY (Partial) Income Statement For the Month Ended May 31, 2011

$ $

$

Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2011. In the May 31 balance sheet, the manufacturing inventories will be reported in as follows: Finished goods $, Work in process $, and Raw materials $.