Question 3 At May 31, 2017, the accounts of Lopez Company show the following. Sa

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Question 3

At May 31, 2017, the accounts of Lopez Company show the following.

Sales revenue totaled $ 216,600 .

Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017.

1. May 1 inventories—finished goods $ 12,700 , work in process $ 15,100 , and raw materials $ 8,600 . 2. May 31 inventories—finished goods $ 9,700 , work in process $ 17,900 , and raw materials $ 7,500 . 3. Debit postings to work in process were direct materials $ 62,800 , direct labor $ 50,200 , and manufacturing overhead applied $ 41,900 . 4.

Sales revenue totaled $ 216,600 .

Explanation / Answer

Balance Sheet Presentation Current Assets Inventories Finished Goods 9700 WIP 17900 Raw Material 7500 Inventories 35100 Current assets 35100

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