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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File Home Insert Draw Page Layout Formulas Data Review View Help Quickilooks 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 Editing HiXf 4 A CDE G IJKLMN 1 E1-16 Prepare a cost of goods manufactured schedule and present the ending inventories on the balance sheet 2 An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended 3...
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AutoSave OOD R E xcelTemplateAssignment Ch03 (1) Protected View Excel Search File 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 Editing X R E3-7 Prepare a production report A ABCD км 1 E3-7\Prepare a production report 2 The Sanding Department of Quik Furniture Company has the following production and manufacturing cost 3 data...
Autent %* Excellerplignment, CNT). Protected in File Home insert Draw Page Layout Formulas Data Review View Help Quichols FOLLCHED VW Be careful files from the more con contain viruses. Une you need to det e to vay in Protected View Enable Iding xo CD GHKLMNL01 1 E1-12 Prepare a cost of goods man actured schedule and a partial income statement 2 Cepeda Corporation has the following cost records for June 2017 Indirect factory labor $4,500 Factory ilities $400 Direct materials...
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 a 2. May 31 inventories-finished goods $9,500, work in process, $15,900, and raw nd raw materials $8.200 materials $7,100 Debit postings to work in process were direct materials, 562.400, direct labor $50,0o0 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...
Exercise 15-9 At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories—finished goods $14,800, work in process $17,600, and raw materials $8,600. 2. May 31 inventories—finished goods $9,600, work in process $17,000, and raw materials $8,000. 3. Debit postings to work in process were direct materials $64,300, direct labor $51,400, and manufacturing overhead applied $42,100. 4. Sales revenue totaled $217,000. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured...
AutoSave 3 H B = ExcelTemplatestignment, CHCI (1) - Protected viena File Home Insert Draw Page Layout Formulas Review ViewHelp Quicktoos PROTECTED VIEW Be carefules from the Internet can contain s Unless you need to edit safe to stay in Protected frated B8 X For the Month Ended October 31, 2017 4 А 1 P1-5A Prepare a cost of goods manufactured schedule and a correct income statement 2 Empire Company is a manufacturer of smart phones. Its controller resigned in...
Exercise 15-9 At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,800, work in process $17,600, and raw materials $8,600. 2. May 31 inventories-finished goods $9,600, work in process $17,000, and raw materials $8,000. 3. Debit postings to work in process were direct materials $64,300, direct labor $51,400, and manufacturing overhead applied $42,100. 4. Sales revenue totaled $217,000. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured...