4 6 1 E20.9 Prepare a cost of goods manufactured schedule and partial financial statements 2 At May 31, 2020, the accounts of Lopez Company show the following. 31. May 1 inventories - finished goods $12,600, work in process $14,700 and raw materials $8,200. 5 2. May 31 inventories - finished goods $9,500, work in process, $15.900, and raw materials $7.100 7 3. Debit postings to work in process were direct materials, $62,400, direct labor $50,000, and manufacturing overhead applied $40,000. 94. Sales revenue totaled $215,000. 10 11 Instructions 12 (a) Prepare a condensed cost of goods manufactured schedule. 13. (b) Prepare an income statement for May through gross profit. 14 (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2020. 15 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 8 16 17 18 19 (a) Prepare a condensed cost of goods manufactured schedule. 20 21 22 23 LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2020 24 25 Value 26 27 Value Value Value 28 Work in process, May 1 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Less: Work in process, May 31 Cost of goods manufactured 29 30 ? ? Value ? 31 32