at may 31 2012 the accounts of mantle manufacturing company show the following 538796

At May 31, 2012, the accounts of Mantle Manufacturing Company show the following.

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

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

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

4. Sales 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, 2012.