At May 31, 2017, the accounts of Lopez Company show the following 1 May 1 inventoriesfinished goods $13,200, work in process $15,000, and raw materials $8,700 2 May 31 inventoriesfinished goods $9,800, work in process $16,500, and raw materials $7,300 3 Debit postings to work in process were direct materials $63,100, direct labor $50,900, and manufacturing overhead applied $42,900 4 Sales revenue totaled $216,500 Prepare a condensed cost of goods manufactured schedule LOPEZ COMPANY Cost of Goods Manufactured Schedule May 31, 2017For the Month Ended May 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 $ LINK TO TEXT LINK TO TEXT Prepare an income statement for May through gross profit LOPEZ COMPANY (Partial) Income Statement For the Month Ended May 31, 2017May 31, 2017For the Year 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 $ LINK TO TEXT LINK TO TEXT Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017 LOPEZ COMPANY (Partial) Balance sheet May 31, 2017For the Month Ended May 31, 2017For the Year 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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At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventoriesfinished goods $13,200, work in process $15,000, and raw materials

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

1.		May 1 inventoriesfinished goods $13,200, work in process $15,000, and raw materials $8,700.
2.		May 31 inventoriesfinished goods $9,800, work in process $16,500, and raw materials $7,300.
3.		Debit postings to work in process were direct materials $63,100, direct labor $50,900, and manufacturing overhead applied $42,900.
4.		Sales revenue totaled $216,500.

Prepare a condensed cost of goods manufactured schedule.

LOPEZ COMPANY Cost of Goods Manufactured Schedule May 31, 2017For the Month Ended May 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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Prepare an income statement for May through gross profit.

LOPEZ COMPANY (Partial) Income Statement For the Month Ended May 31, 2017May 31, 2017For the Year 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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Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017.

LOPEZ COMPANY (Partial) Balance sheet May 31, 2017For the Month Ended May 31, 2017For the Year 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		$