Exercise 15-9 (Part Level Submission) (a) Open Show Work SHOW LIST OF ACCOUNTS L
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Exercise 15-9 (Part Level Submission)
(a)
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(b)
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(c)
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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.
(a)
Your answer is correct. Prepare a condensed cost of goods manufactured schedule.LOPEZ COMPANY
Cost of Goods Manufactured Schedule
For the Month Ended May 31, 2017May 31, 2017For the Year Ended May 31, 2017
Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Sales RevenueCost of Goods SoldCost of Goods Available for SaleGross Profit
$Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue
$Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Finished Goods, May 1Finished Goods, May 31Raw Materials, May 1Raw Materials, May 31Sales RevenueCost of Goods SoldCost of Goods Available for SaleGross Profit
Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue
Cost of Goods Manufactured Direct Labor Direct Materials Used Manufacturing Overhead Applied Total Cost of Work in Process Total Manufacturing Costs Work in Process, May 1 Work in Process, May 31 Finished Goods, May 1 Finished Goods, May 31 Raw Materials, May 1 Raw Materials, May 31 Sales Revenue Cost of Goods Sold Cost of Goods Available for Sale Gross Profit
Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 31Finished Goods, May 1Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue
AddLess
:Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Finished Goods, May 1Finished Goods, May 31Raw Materials, May 1Raw Materials, May 31Sales RevenueCost of Goods SoldCost of Goods Available for SaleGross Profit
Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue
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Attempts: 1 of 5 used(b)
Your answer is correct. Prepare an income statement for May through gross profit.LOPEZ COMPANY
(Partial) Income Statement
For the Year Ended May 31, 2017May 31, 2017For the Month Ended May 31, 2017
Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueRaw Materials, May 1Raw Materials, May 31Work in Process, May 1Work in Process, May 31Direct Materials UsedDirect LaborManufacturing Overhead AppliedTotal Manufacturing CostsTotal Work in Process
$Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Total Work in ProcessManufacturing Overhead AppliedTotal Manufacturing CostsDirect LaborDirect Materials Used
Cost of Goods Available for Sale Cost of Goods Manufactured Cost of Goods Sold Finished Goods, May 1 Finished Goods, May 31 Gross Profit Sales Revenue Raw Materials, May 1 Raw Materials, May 31 Work in Process, May 1 Work in Process, May 31 Direct Materials Used Direct Labor Total Manufacturing Costs Manufacturing Overhead Applied Total Work in Process
$Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Total Work in ProcessManufacturing Overhead AppliedTotal Manufacturing CostsDirect LaborDirect Materials Used
Cost of Goods Available for Sale Cost of Goods Manufactured Cost of Goods Sold Finished Goods, May 1 Finished Goods, May 31 Gross Profit Sales Revenue Raw Materials, May 1 Raw Materials, May 31 Work in Process, May 1 Work in Process, May 31 Direct Materials Used Direct Labor Total Manufacturing Costs Manufacturing Overhead Applied Total Work in Process
AddLess
:Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Total Work in ProcessManufacturing Overhead AppliedTotal Manufacturing CostsDirect LaborDirect Materials Used
Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueRaw Materials, May 1Raw Materials, May 31Work in Process, May 1Work in Process, May 31Direct Materials UsedDirect LaborTotal Manufacturing CostsManufacturing Overhead AppliedTotal Work in Process
Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Total Work in ProcessManufacturing Overhead AppliedTotal Manufacturing CostsDirect LaborDirect Materials Used
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Attempts: 2 of 5 used(c)
Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017.LOPEZ COMPANY
(Partial) Balance sheet
May 31, 2017For the Year Ended May 31, 2017For the Month Ended May 31, 2017
Current AssetsCurrent LiabilitiesInvestmentsProperty, Plant and EquipmentShare Capital
$Total Current Assets Total Current Liabilities Total Investments Total Property, Plant and Equipment Total Share Capital
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Attempts: 0 of 5 usedExplanation / Answer
Solution a:
Solution b:
Solution c:
Lopez Company Schedule of cost of goods manufactured Particulars Details Amount Direct material used $64,500.00 Direct labor $52,400.00 Manufacturing overhead applied $42,700.00 Total manufacturing cost for the year $159,600.00 Add: Beginning WIP $16,900.00 Total cost of work in process during the year $176,500.00 Less: Ending WIP $17,100.00 Cost of goods manufactured $159,400.00Related Questions
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