a. The preparation of a condensed cost of goods manufactured schedule for Lopez Company is as follows:
Cost of Goods Manufactured Schedule:
Beginning work in process $14,700
Direct materials $62,400
Direct labor $50,000
Overhead applied $40,000
Ending work in process ($15,900)
Cost of goods manufactured $151,200
b. The preparation of an income statement for May for Lopez Company is as follows:
Lopez Company
Income Statement
For the month of May 31, 2020
Sales revenue $215,000
Cost of goods sold (154,300)
Gross profit $60,700
c. The indication of the balance sheet presentation of the manufacturing inventories at May 31, 2020 is as follows:
<h3>Current Assets:</h3>
Finished goods $9,500
Work in process $15,900
Raw materials $7,100
<h3>What is the cost of goods manufactured?</h3>
The cost of goods manufactured is the sum of the costs of direct materials, direct labor, overhead applied added to the beginning work in process less the ending work in process.
<h3>Data and Calculations:</h3>
1. Beginning Ending
inventories inventories
Finished goods $12,600 $9,500
Work in process $14,700 $15,900
Raw materials $8,200 $7,100
<h3>Work in Process</h3>
Beginning balance $14,700
Direct materials, $62,400
Direct labor $50,000
Overhead applied $40,000
Finished goods $151,200
Ending balance $15,900
<h3>Finished Goods</h3>
Beginning balance $12,600
Work in Process 151,200
Cost of goods sold $154,300
Ending balance $9,500
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