Answer Happy

Lighting Limited., a manufacturing company, reported the following information for the month of May: Account Balances Finished Goods Inventory, May 31 Factory Supervisory Salaries Income Tax Expense $42,000 12,000 18,000 15,000 Raw Materials Inventory, May 1 Work In Process Inventory, May 31 Sales Salaries Expense 35,000 14,000 5,000 Factory Depreciation Expense Finished Goods Inventory, May 1 Raw Materials Purchases 65,000 60,000 30,000 Work In Process Inventory, May 1 Factory Utilities Expense Direct Labor 4,000 70,000 19,000 Raw Materials Inventory, May 31 Sales Returns and Allowances 5,000 Factory supplies used 17,600 Marketing and promotion 5,600 Depreciation of general office equipment 5,700 Indirect Labor 21,000 Required (A) Prepare a cost of goods manufactured statement for May. Hint: Determine total manufacturing overhead before preparing statement. (B) Compute the cost of goods sold for May.