Exercise 2-9 (Part Level Submission) At May 31, 2017, the accounts of Lopez Comp

Question

Exercise 2-9 (Part Level Submission) At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,000, work in process $17,600, and raw materials $8,400. 2. May 31 inventories-finished goods $9,600, work in process $18,000, and raw materials $8,000. 3. Debit postings to work in process were direct materials 65,100, direct labor $51,600, and manufacturing overhead applied $40,200. 4. Sales revenue totaled 216,500. (a) Prepare a condensed cost of goods manufactured schedule LOPEZ COMPANY Cost of Goods Manufactured Schedule

Explanation / Answer

Prepare cost of goods manufactured schedule :

Beginning work in process 17600 Direct material used 65100 Direct labout 51600 manufacturing overhead 40200 Total manufacturing cost 156900 Total cost of work in process 174500 Less : Ending work in process (18000) Cost of goods manufactured 156500

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