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	At May 31, 2014, the accounts of Mader Company show the following job order cost system.
	May 1 inventoriesfinished goods $12,600, work in process $14,700, and raw materials $8,200.
	May 31 inventoriesfinished goods $9,500, work in process $17,900, and raw materials $7,100.
	additional postings to work in process were direct materials $62,400, direct labor $50,000, and manufacturing overhead applied $40,000.
	Sales revenue 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, 2014. (a) Mader COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2014 Work in process, May 1 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Less: Work in process, May 31 Cost of goods manufactured (b) Mader COMPANY (Partial) Income Statement For the Month Ended May 31, 2014 Sales revenue Cost of goods sold Finished goods, May 1 Cost of goods manufactured Cost of goods available for sale Less: Finished goods, May 31 Cost of goods sold Gross profit (c) MANTLE COMPANY (Partial) Balance sheet 31-May-14 Current assets: Finished goods inventory Work in process inventory Raw materials inventory

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