Exercise 15-9 (Part Level Submission) (a) Exercise 15-9 (Part Level Submission)

Question

Exercise 15-9 (Part Level Submission)

(a)

Exercise 15-9 (Part Level Submission)

At May 31, 2017, the accounts of Lopez Company show the following.
1. May 1 inventories—finished goods $15,000, work in process $16,900, and raw materials $9,300. 2. May 31 inventories—finished goods $9,900, work in process $17,100, and raw materials $7,300. 3. Debit postings to work in process were direct materials $64,500, direct labor $52,400, and manufacturing overhead applied $42,700. 4. Sales revenue totaled $216,500.

Explanation / Answer

Cost of goods manufactured schedule :

Beginning work in process 16900 Direct material used 64500 Direct labour 52400 manufacturing overhead applied 42700 Total manufacturing cost 159600 Total Cost of work in process 176500 Less: Ending work in process -17100 Cost of goods manufactured 159400

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