Exercise 15-9 At May 31, 2017, the accounts of Lopez Company show the following

Question

Exercise 15-9 At May 31, 2017, the accounts of Lopez Company show the following 1. May 1 inventories-finished goods $13,400, work in process $17,200, and raw materials $9,200. 2. May 31 inventories-finished goods $9,900, work in process $18,000, and raw materials $7,900 3. Debit postings to work in process were direct materials $63,600, direct labor $50,600, and manufacturing overhead applied $42,000 4. Sales revenue totaled $216,200. Your answer is correct. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY of Goods Manufactured Schedule For the Month Ended May 31, 2017 Work in Process, May 1 17200 Direct Materials Used 63600 Direct Labor 50600 Manufacturing Overhead Applied 42000 Total Manufacturing Costs 156200 Total Cost of Work in Process 173400

Explanation / Answer

Prepare partial balance sheet :

Current Assets Finished goods inventory 9900 Work in process inventory 18000 Raw material inventory 7900 Total current assets 35800

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