Answered Essay: At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,800

At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,800, work in process $17,600, and raw materials $8,600. 2, May 31 inventories-finished goods $9,600, work in process $17,000, and raw materials $8,000. 3. Debit postings to work in process were direct materials $64,300, direct labor $51,400, and manufacturing overhead applied $42,100 4. Sales revenue totaled $217,000. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule Prepare an income statement for May through gross profit.

At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,800, work in process $17,600, and raw materials $8,600. 2, May 31 inventories-finished goods $9,600, work in process $17,000, and raw materials $8,000. 3. Debit postings to work in process were direct materials $64,300, direct labor $51,400, and manufacturing overhead applied $42,100 4. Sales revenue totaled $217,000. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule Prepare an income statement for May through gross profit.

Expert Answer

 

LOPEZ COMPANY
Cost of Goods Manufactured Schedule
For the Month Ended May 31, 2017
Work in Process, May 1 17600
Direct Materials Used 64300
Direct Labor 51400
Manufacturing Overhead Applied 42100
Total Manufacturing Costs 157800
Total Cost of Work in Process 175400
Less: Work in Process, May 31 17000
Cost of Goods Manufactured 158400
LOPEZ COMPANY
(Partial) Income Statement
For the Month Ended May 31, 2017
Sales Revenue 217000
Cost of Goods Sold:
Finished goods, May 1 14800
Cost of Goods manufactured 158400
Cost of goods available for sale 173200
Less: Finished goods, May 31. 9600
Cost of goods sold 163600
Gross profit 53400
LOPEZ COMPANY
(Partial) Balance Sheet
May 31, 2017
Current Assets:
Finished goods inventory 9600
Work in process inventory 17000
Raw materials inventory 8000
Total Current Assets 34600
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