crazteeyn8290
10.02.2022 •
Business
Prepare a cost of goods manufactured schedule and partial financial statements.
At May 31, 2022, the accounts of Lopez Company show the following.
1. May 1 inventories - finished goods $12,600, work in process $14,700 and raw materials $8,200.
2. May 31 inventories - finished goods $9,500, work in process, $15,900, and raw materials $7,100.
3. Debit postings to work in process were direct materials, $62,400, direct labor $50,000, and manufacturing overhead applied $40,000.
4. Sales revenue totaled $215,000
Required:
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 , 2020
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