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Exercise 15-9 (Part Level Submission) (a) Open Show Work SHOW LIST OF ACCOUNTS L

ID: 2334297 • Letter: E

Question

Exercise 15-9 (Part Level Submission)

(a)

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(b)

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(c)

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Exercise 15-9 (Part Level Submission)

At May 31, 2017, the accounts of Lopez Company show the following.
1. May 1 inventories—finished goods $15,000, work in process $16,900, and raw materials $9,300. 2. May 31 inventories—finished goods $9,900, work in process $17,100, and raw materials $7,300. 3. Debit postings to work in process were direct materials $64,500, direct labor $52,400, and manufacturing overhead applied $42,700. 4. Sales revenue totaled $216,500.

(a)

Your answer is correct. Prepare a condensed cost of goods manufactured schedule.
LOPEZ COMPANY
Cost of Goods Manufactured Schedule

For the Month Ended May 31, 2017May 31, 2017For the Year Ended May 31, 2017

Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Sales RevenueCost of Goods SoldCost of Goods Available for SaleGross Profit

$

Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue

$

Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Finished Goods, May 1Finished Goods, May 31Raw Materials, May 1Raw Materials, May 31Sales RevenueCost of Goods SoldCost of Goods Available for SaleGross Profit

Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue

        Cost of Goods Manufactured    Direct Labor    Direct Materials Used    Manufacturing Overhead Applied    Total Cost of Work in Process    Total Manufacturing Costs    Work in Process, May 1    Work in Process, May 31    Finished Goods, May 1    Finished Goods, May 31    Raw Materials, May 1    Raw Materials, May 31    Sales Revenue    Cost of Goods Sold    Cost of Goods Available for Sale    Gross Profit

Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 31Finished Goods, May 1Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue

AddLess

:

Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Finished Goods, May 1Finished Goods, May 31Raw Materials, May 1Raw Materials, May 31Sales RevenueCost of Goods SoldCost of Goods Available for SaleGross Profit

Cost of Goods ManufacturedDirect LaborDirect Materials UsedManufacturing Overhead AppliedTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Finished Goods, May 1Finished Goods, May 31Gross ProfitCost of Goods Available for SaleCost of Goods SoldSales Revenue

$

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Attempts: 1 of 5 used

(b)

Your answer is correct. Prepare an income statement for May through gross profit.
LOPEZ COMPANY
(Partial) Income Statement

For the Year Ended May 31, 2017May 31, 2017For the Month Ended May 31, 2017

Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueRaw Materials, May 1Raw Materials, May 31Work in Process, May 1Work in Process, May 31Direct Materials UsedDirect LaborManufacturing Overhead AppliedTotal Manufacturing CostsTotal Work in Process

$

Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Total Work in ProcessManufacturing Overhead AppliedTotal Manufacturing CostsDirect LaborDirect Materials Used

        Cost of Goods Available for Sale    Cost of Goods Manufactured    Cost of Goods Sold    Finished Goods, May 1    Finished Goods, May 31    Gross Profit    Sales Revenue    Raw Materials, May 1    Raw Materials, May 31    Work in Process, May 1    Work in Process, May 31    Direct Materials Used    Direct Labor    Total Manufacturing Costs    Manufacturing Overhead Applied    Total Work in Process

$

Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Total Work in ProcessManufacturing Overhead AppliedTotal Manufacturing CostsDirect LaborDirect Materials Used

        Cost of Goods Available for Sale    Cost of Goods Manufactured    Cost of Goods Sold    Finished Goods, May 1    Finished Goods, May 31    Gross Profit    Sales Revenue    Raw Materials, May 1    Raw Materials, May 31    Work in Process, May 1    Work in Process, May 31    Direct Materials Used    Direct Labor    Total Manufacturing Costs    Manufacturing Overhead Applied    Total Work in Process

AddLess

:

Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Total Work in ProcessManufacturing Overhead AppliedTotal Manufacturing CostsDirect LaborDirect Materials Used

Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueRaw Materials, May 1Raw Materials, May 31Work in Process, May 1Work in Process, May 31Direct Materials UsedDirect LaborTotal Manufacturing CostsManufacturing Overhead AppliedTotal Work in Process

Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Total Work in ProcessManufacturing Overhead AppliedTotal Manufacturing CostsDirect LaborDirect Materials Used

$

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Attempts: 2 of 5 used

(c)

Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017.
LOPEZ COMPANY
(Partial) Balance sheet

May 31, 2017For the Year Ended May 31, 2017For the Month Ended May 31, 2017

Current AssetsCurrent LiabilitiesInvestmentsProperty, Plant and EquipmentShare Capital

$

    Total Current Assets    Total Current Liabilities    Total Investments    Total Property, Plant and Equipment    Total Share Capital    

$

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Attempts: 0 of 5 used

Explanation / Answer

Solution a:

Solution b:

Solution c:

Lopez Company Schedule of cost of goods manufactured Particulars Details Amount Direct material used $64,500.00 Direct labor $52,400.00 Manufacturing overhead applied $42,700.00 Total manufacturing cost for the year $159,600.00 Add: Beginning WIP $16,900.00 Total cost of work in process during the year $176,500.00 Less: Ending WIP $17,100.00 Cost of goods manufactured $159,400.00
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