Accounting-determinig cost of goods sold

Feb 3rd, 2012
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Ashford University
Course: business studies
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At May 31, 2014, the accounts of Mantle 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 $32,000, and manufacturing overhead applied $40,000. 4. Sales revenue totaled $20,000.

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