At may 31, 2020, the accounts of Lopez company show the following. 1. May 1 inventories-finished products $14,000, occupational in procedure $17,600, and raw products $8,400. 2. Might 31 inventories-finished goods $9,600, job-related in procedure $18,000, and also raw materials $8,000. 3. Debit postings to work-related in process were direct materials $65,100, straight labor $51,600, and also manufacturing overhead applied $40,200. (Assume the overhead used was same to overhead incurred.) 4. Sales revenue totaled $216,500.


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Prepare a condensed cost of products manufactured schedule. LOPEZ agency Cost of items Manufactured Schedule because that the Month ended May 31, 2020 V job-related in Process, might 1 $ 17600 direct Materials used 65100 straight Labor 51600 manufacturing Overhead applied 40200 full Manufacturing costs 156900 total Cost of work-related in procedure 174500 less Work in Process, may 31 18000 cost of items Manufactured 156500
Prepare an earnings statement for may through pistol profit. LOPEZ company (Partial) income Statement because that the Month finished May 31, 2020 Sales Revenue 216500 cost of products Sold perfect Goods, might 1 14000 expense of goods Manufactured 156500 price of Goods available for sale 7 170500 i less Finished Goods, may 31 9600 i price of items Sold 160900 Gross benefit Gross profit 55600
Indicate the balance sheet presentation of the manufacturing inventories at may 31, 2020. LOPEZ firm (Partial) Balance sheet

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LOPEZ company Cost of items Manufactured Schedule for the Month finished May. 31, 2020 occupational in process, may 1 $ 17,600 straight Materials used $ 65,100 straight Labour $ 51,600 manufacturing overhead used S 40,200 total Manufacturing expenses $156,900 complete Cost of work-related in process $174,500 Less: occupational in process May 31 $ 18,000 expense of goods manufactured $156,500


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LOPEZ agency (Partial) income Statement for the Month ended May. 31, 2020 Sales Revenue $216,500 price of products Sold perfect Goods, may 1 $ 14,000 expense of items Manufactured $156,500 cost of Goods accessible for revenue $170,500 Less: perfect Goods, might 31 $ 9,600 expense of items sold $ 160,900 Gross profit $ 55,600 LOPEZ company (Partial) Balance sheet might 31, 2020 existing assets inventory Raw materials Work in procedure Finished goods full Current heritage $ 8,000 $ 18,000 $ 9,600 $ 35,600