At May 31, 2020, 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. (Assume that overhead applied was equal to overhead incurred.) 4.Sales revenue totaled $215,000. 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.

At May 31, 2020, 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. (Assume that overhead applied was equal to overhead incurred.) 4.Sales revenue totaled $215,000. 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.

Name: Please do not give solution in image format thanku At May 31, 2020, th
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Description: Please do not give solution in image format thanku At May 31, 2020, the accounts ofLopez Company show the following:1.May 1 inventories-finished goods$12,600, work in process $14,700, andraw materials $8,200.2.May 31 inventories-finished goods$9,500,

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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