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E2-6 a) 1) The assigned source documents assigned to this job are Direct Labor – Time Tickets; Direct Materials – Materials Requisition Slip;, and Manufacturing Overhead – Predetermined Overhead Rate. 2) Predetermined manufacturing overhead rate = 120% of direct labor cost. 3) Direct Labor 1,360 Direct Materials 4,828 Manufacturing Overhead 1,632 Total 7,820 3.91 b) Inventory: Finished Goods 7,820 Inventory: Work in Process 7,820 E2-9 a) YELLOW KNIFE MANUFACTURING COMPANY Schedule for Cost of Goods Manufactured For the Month Ended May 31, 2005 May 1: Work in Process 14,700 Used Direct Materials 62,400 Direct Labor 32,000 Manufacturing Overhead 48,000 Total Manufacturing Cost 142,400 Total Work in Process Cost 157,100 May 31: Work in Process -17,900 Manufactured Cost of Goods 139,200 b) YELLOW KNIFE MANUFACTURING COMPANY Income Statement For the Month Ended May 31, 2005 Sales 200,000 Cost of Goods Sold May 1: Finished Goods 12,600 Manufactured Cost of Goods 139,200 Cost of Goods Available for Purchase 151,800 May 31: Finished Goods 11,500 Sold Cost of Goods 140,300 Gross Profit 59,700 c) The manufacturing inventories will be reported as Current Assets in the May 31 Balance Sheet. These inventories are: Finished Goods: $11500 Raw Materials: $7100 Work in Process: $17900
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