Final answer:
To prepare a schedule of cost of goods manufactured for the stitching department for the month of May, you need to consider the expenses associated with the production of goods, including direct materials, direct labor, and manufacturing overhead.
Step-by-step explanation:
To prepare a schedule of cost of goods manufactured for the stitching department for the month of May, you need to consider the expenses associated with the production of goods. The cost of goods manufactured includes direct materials, direct labor, and manufacturing overhead. Here is an example of a schedule:
Cost ElementsAmountDirect Materials$XDirect Labor$YManufacturing Overhead$ZTotal Cost of Goods Manufactured$X + $Y + $Z
Remember to calculate the direct materials used by subtracting the ending inventory from the beginning inventory and adding the purchases. Additionally, calculate the manufacturing overhead by considering all indirect costs associated with the stitching department.