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 $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. Instructions (a) Prepare a condensed cost of goods manufactured schedule. (b) Prepare an income statement for May through gross profit. (c)

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 $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. Instructions (a) Prepare a condensed cost of goods manufactured schedule. (b) Prepare an income statement for May through gross profit. (c)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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