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At May 31, 2017, the accounts of Lopez Company show the following 1. May 1 inventories - finished goods $12,600, work in process $14,700 a

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At May 31, 2017, the accounts of Lopez Company show the following 1. May 1 inventories - finished goods $12,600, work in process $14,700 a 2. May 31 inventories-finished goods $9,500, work in process, $15,900, and raw nd raw materials $8.200 materials $7,100 Debit postings to work in process were direct materials, 562.400, direct labor $50,0o0 and manufacturing overhead applied $40,000 4. Sales revenue totaled $215,000. Instructions (a) Prepare a condensed cost of goods manufactured schedule (b) Prepare an income statement for May through gross profit. (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in l(a) Prepare a condensed cost of goods manufactured schedule LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2017 Value, Work in process, May 1 Direct materials used Direct labor Manufacturing overhead applied Value U2 Value s0,bo0 Value o,o0D Total manufacturing costs Total cost of work in process Less: Work in process, May 31 Cost of goods manufactured Value statement for May through gross profit (b) Prepare an LOPEZ COMPANY (Partial) Income Statement Eor the Month Ended May 31, 2017 Value Sales revenue Cost of goods sold Finished goods, May1 Cost of goods manufactured Cost of goods available for sale Less: Finished goods, May 31Value Value Cost of goods sold Gross proft I(c) Indicate the balance sheet presentation of the manufacturi LOPEZ COMPANY (Partial) Balance Sheet May 31, 2017 inventories at May 31, 2017. Current Assets Finished goods inventory Work in process inventory Raw materials inventory Value Value Value After you have completed E2-9, consider the following additional question. 1. Assume that the total costs for direct materials, direct labor and overhead changed to $81,400, 63,600 and $45,000 respectively. Show the impact of these changes on the cost of goods manufactured schedule, income statement and balance sheet

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