Question

At May 31, 2020, the accounts of Lopez Company show the following. 1. 2. 3. May 1 inventories-finished goods $14,300, work in process $15,100, and raw materials $8,900. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. Debit postings to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300.(Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $216,200. 4. (a) Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule 4

Answer 1

LOPEZ COMPANY
Cost of Goods Manufactured Schedule
For the Month May 31, 2020
Work in process inventory, May 1		15,100
Direct materials	62,800
Direct labor	53,100
Manufacturing Overheads	42,300
Total Manufacturing Cost		158,200
Total Cost of work in process		173,300
Less: Work in process inventory, May 31		-16,100
Cost of goods manufactured		$157,200

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