At May 31, 2020, 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 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
- Prepare a condensed cost of goods manufactured schedule.
- Prepare an income statement for May through gross profit
- Indicate the balance sheet presentation of the manufacturing inventories at Ma 31, 2020.
Solution
