Question

AutoSave OB A S ExcelTemplateAssignment.ChO2 (1) · Protected View - Excel Search ile Home Insert Page Layout Formulas Data Review View Help DYMO Label QuickBooks PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable 1 . 1 X E 2-9 Prepare a cost of goods manufactured schedule and partial financial statements 1 A B C D E F G H I J K E2-9 Prepare a cost of goods manufactured schedule and partial financial statements At May 31, 2017, the accounts of Lopez Company show the following. 31. May 1 inventories - finished goods $12,600, work in process $14,700 and raw materials $8,200. 5 2. May 31 inventories - finished goods $9,500, work in process, $15,900, and raw 6 materials $7,100. 73. Debit postings to work in process were direct materials, $62,400, direct labor $50,000, 8 and manufacturing overhead applied $40,000. 9.4. Sales revenue totaled $215,000. 11 Instructions 12 (a) Prepare a condensed cost of goods manufactured schedule. 13(b) Prepare an income statement for May through gross profit. 14 (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017 15 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 19 (a) Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2017 Value 28 Work in process, May 1 Direct materials used Value Direct labor Value Manufacturing overhead applied Value Total manufacturing costs Total cost of work in process Less: Work in process. May 31 €2-1 E2.5 E2-9 P2-3A | P2-5A CD2 7 Value O Type here to search

Answer 1

a)

Prepare a condensed cost of goods manufactured schedule

LOPEZ COMPANY
Cost of Goods Manufactured Schedule
For the Month Ended May 31, 2017
Work in process, May 1		$14,700
Direct material used	$62,400
Direct labor	$50,000
Manufacturing overhead applied	$40,000
Total manufacturing cost		$152,400
Total cost of work in process		$167,100
Less: Work in process, May 31		($15,900)
Cost of Goods Manufactured		$151,200

___________________________________________________________________

b)

Prepare Income statement:

LOPEZ COMPANY
Income Statement
For the Month Ended May 31, 2017
Sales		$215,000
Cost of goods sold:
Finished goods, May 1	$12,600
Cost of goods manufactured	$151,200
Cost of goods available for sale	$163,800
Less: Finished goods, May 31	($9,500)
Cost of goods sold		$154,300
Gross profit		$60,700

_______________________________________________________

c)

LOPEZ COMPANY
Balance Sheet
May 31, 2017
Assets
Current assets:
Finished goods	$9,500
Work in process	$15,900
Raw material	$7,100
Total Inventories		$32,500