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At May 31, 2017, the accounts of Lopez Company show the following.
1.
May 1 inventories—finished goods $15,100, work in process $15,900, and raw materials $8,600.
2.
May 31 inventories—finished goods $9,700, work in process $16,400, and raw materials $7,900.
3.
Debit postings to work in process were direct materials $63,800, direct labor $51,600, and manufacturing overhead applied $40,100.
4.
Sales revenue totaled $216,400.
At May 31, 2017, the accounts of Lopez Company sho
At May 31, 2017, the accounts of Lopez Company sho
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 May 31, 2017.
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