0 Weygandt, Financial & Managerial Accounting, 2e At May 31, 2017, the accounts

Question

0 Weygandt, Financial & Managerial Accounting, 2e At May 31, 2017, the accounts of Lopez Company show the following 2. May 31 inventories-finished goods $9,800, work in process $ 18,600, and raw materials 17,200, and raw materials $ 9,100 3. Debit postings to work in process were direct materials $63,600, direct labor $ 51,800, and manufacturing 4. Sales revenue totaled $ 216,900 overhead applied $ 43,100 (a) Your answer is correct. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMP Cost ef Goods Manufactured Schedule 17200 Applied work is Process 5700 Work Process ot Goods

Explanation / Answer

Income statement :-

Particulars Amounts ($) Amounts ($) Sales 216900 Cost of Goods Sold : Opening Finished Goods 13800 Add : Cost of Goods Manufactured 157100 Less : Closing Finished Goods (9800) Cost Of Goods Sold 161100 Gross Profit ($216900 - $161100) 55800

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