E20-9 At May 31, 2017, the accounts of Lopez Company show the following. 1. May

Question

E20-9 At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $12,600, work in process $14.700, and raw materials tial financial staleems Prepare a cost of goods manufactured schedule and $8,200. 2. May 31 inventories finished goods $9,500, work in process $15,900, and raw materials (LO 1, 5) $7,100. 3. Debit postings to work in process were direct materials $62,400, direct labor $50,000, XLS and manufacturing overhead applied $40,000. 4. Sales revenue totaled $215,000. Instructions (a) Prepare a condensed cost of goods manufactured schedule (b) Prepare an income statement for May through gross profit. (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31,2017.

Explanation / Answer

a) Cost of goods manufactured schedule :

b) Prepare income statement for may throug gross profit :

c) Balance sheet presentation :

Beginning work in process 14700 Direct material used 62400 Direct labour 50000 Manufacturing overhead 40000 Total manufacturing cost 152400 167100 Less : Ending work in process (15900) cost of goods manufactured 151200

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