Question

Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule BEBE SHOW UST OF ACCOUNTS Prepare an income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement a se

Answer 1

Ans: . LOPEZ COMPANY Cost of Goods manufactured schedule fol the monthenoled, May 31,2092 Work in process, may $15, 100 Direct materjale Used 1 $629,800 $ 158,800 direct labor $53, 100 manufacturing overhead applied $4.8,300 Total manufacturing Costs Total Cost of Work in Praess | Leys: work in Brows, May 31 | Gist of Goods manufactured $173,300 $ 16,100 $157,800

Lopez Company (Partial) Inome statement for the month ended may 31 2029 Sales Revenue $216, 200 Cost of Goods sold finished goods, may L $14,300 Cost of Goods manufactured | $157,000 Cost of Goods available for Sale $171,500 Lessy finished Goods, may 31.__ $9,600 Cost of Goods sold $161900 - Gross Profit - (Partial) Balance Sheet Current Assets finished Goods Inventory $9600 Work in process Inventory $ 16,100 Raw Materials Inventory $7,600 Total Current Assets $33,300 $54,300 May 31, 2020
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