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ExerciseE2-9AtMay31,2014,theaccountsofMantleCompanyshowthefollowing.1.May1 Finishedgoods,May1$12,600Workinprocess,May114,700Rawmaterials,May18,200 2.May31 Finishedgoods,May31$9,500Workinprocess,May3117,900Rawmaterials,May317,100 3.Debitpostingstoworkinprocesswere: Directmaterials$62,400Directlabor50,000Manufacturingoverheadapplied40,000 4.Salestotaled $210,000 Instructions: (a)Prepareacondensedcostofgoodsmanufacturedschedule. MANTLECOMPANY CostofGoodsManufacturedScheduleFortheMonthEndedMay31,2014TitleAmountTitleAmountTitleAmountTitleAmountTitleFormulaTitleFormulaLess:TitleAmountTitleFormula (b)PrepareanincomestatementforMaythroughgrossprofit. MANTLECOMPANY (Partial)IncomeStatementFortheMonthEndedMay31,2014TitleAmountTitleTitleAmountTitleAmountTitleFormulaTitleAmountTitleFormulaTitleFormula (c)IndicatethebalancesheetpresentationofthemanufacturinginventoriesatMay31,2014. Entertextanswerhere.

ExerciseE2-9AtMay31,2014,theaccountsofMantleCompanyshowthefollowing.1.May1Finishedgoods,May1$12,600Workinprocess,May114,700Rawmaterials,May18,2002.May31Finishedgoods,May31$9,500Workinprocess,May3117,900Rawmaterials,May317,1003.Debitpostingstoworkinprocesswere:Directmaterials$62,400Directlabor50,000Manufacturingoverheadapplied40,0004.Salestotaled$210,000

Instructions:(a)Prepareacondensedcostofgoodsmanufacturedschedule.

MANTLECOMPANY

CostofGoodsManufacturedScheduleFortheMonthEndedMay31,2014TitleAmountTitleAmountTitleAmountTitleAmountTitleFormulaTitleFormulaLess:TitleAmountTitleFormula

(b)PrepareanincomestatementforMaythroughgrossprofit.

MANTLECOMPANY(Partial)IncomeStatementFortheMonthEndedMay31,2014TitleAmountTitleTitleAmountTitleAmountTitleFormulaTitleAmountTitleFormulaTitleFormula

(c)IndicatethebalancesheetpresentationofthemanufacturinginventoriesatMay31,2014.

Entertextanswerhere.

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