At May $31,2022,$ the accounts of Lopez Company show the following.

May $1$ inventories $-$ finished goods $$12,600,$ work in process $$14,700$ and raw materials $$8,200.$

May $31$ inventories $-$ finished goods $$9,500,$ work in process, $$15,900,$ and raw materials $$7,100.$

Debit postings $($additions$)$ to work in process were direct materials, $$62,400,$ direct labor $$50,000,$ and manufacturing overhead applied $$40,000.$

Sales revenue totaled $$215,000.$

Instructions

completing a$-$c below you are to use formulas $($for example: $=$ Sum$())$ where appropriate.

a$)$ Prepare a condensed cost of goods manufactured schedule.

P$)$ Prepare an income statement for May through gross profit.

Indicate the balance sheet presentation of the manufacturing inventories at May $31,2022.$

Answer rating: 100% (QA)

Based on the information you provided lets begin by preparing a condensed Cost of Goods Manufactured ... View the full answer