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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
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