Question

At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories—finished goods $13,200, work in process $17,400, and raw materials $9,100. 2. May 31 inventories—finished goods $9,600, work in process $17,200, and raw materials $7,900. 3. Debit postings to work in process were direct materials $65,000, direct labor $50,900, and manufacturing overhead applied $41,200. 4. Sales revenue totaled $216,200. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule $ $ : $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare an income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement $ $ : $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017. LOPEZ COMPANY (Partial) Balance sheet $ $

Answer 1

COGM 146,300

COGS 149,900

Step-by-step explanation:

begining WIP 17,400

cost added

direct materials 54,000

direct labor 50,900

MHO 41,200

total added 146,100

ending WIP (17,200)

Cost of goods manufactured 146,300

beginning FG 13,200

COGM 146,300

ending FG (9,600)

Cost of Goods Sold 149,900