(Solved Homework): At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,800…

At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,800, work in process $17,600, and raw materials $8,600. 2, May 31 inventories-finished goods $9,600, work in process $17,000, and raw materials $8,000. 3. Debit postings to work in process were direct materials $64,300, direct labor $51,400, and manufacturing overhead applied $42,100 4. Sales revenue totaled $217,000. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule Prepare an income statement for May through gross profit.

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(Solved Homework): At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,800…

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	LOPEZ COMPANY
	Cost of Goods Manufactured Schedule
	For the Month Ended May 31, 2017
Work in Process, May 1		17600
Direct Materials Used	64300
Direct Labor	51400
Manufacturing Overhead Applied	42100
Total Manufacturing Costs		157800
Total Cost of Work in Process		175400
Less: Work in Process, May 31		17000
Cost of Goods Manufactured		158400

	LOPEZ COMPANY
	(Partial) Income Statement
	For the Month Ended May 31, 2017
Sales Revenue		217000
Cost of Goods Sold:
Finished goods, May 1	14800
Cost of Goods manufactured	158400
Cost of goods available for sale	173200
Less: Finished goods, May 31.	9600
Cost of goods sold		163600
Gross profit		53400

	LOPEZ COMPANY
	(Partial) Balance Sheet
	May 31, 2017
Current Assets:
Finished goods inventory	9600
Work in process inventory	17000
Raw materials inventory	8000
Total Current Assets	34600

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