AutoSave OB A S ExcelTemplateAssignment.ChO2 (1) Protected View - Excel Search ile Home Insert Page Layout Formulas Data Review View Help DYMO Label QuickBooks PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable 1 . 1 X E 2-9 Prepare a cost of goods manufactured schedule and partial financial statements 1 A B C D E F G H I J K E2-9 Prepare a cost of goods manufactured schedule and partial financial statements At May 31, 2017, 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 6 materials $7,100. 73. Debit postings to work in process were direct materials, $62,400, direct labor $50,000, 8 and manufacturing overhead applied $40,000. 9.4. Sales revenue totaled $215,000. 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, 2017 15 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". 19 (a) Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2017 Value 28 Work in process, May 1 Direct materials used Value Direct labor Value Manufacturing overhead applied Value Total manufacturing costs Total cost of work in process Less: Work in process. May 31 2-1 E2.5 E2-9 P2-3A | P2-5A CD2 7 Value O Type here to search File Home Insert Page Layout Formulas Data Review View Help UYMULBO Quick PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit it's safer to stay in Protecte VI E 2-9 Prepare a cost of goods manufactured schedule and partial financial ste E Manufacturing overhead applied Value Total manufacturing costs Total cost of work in process Less: Work in process, May 31 Value Cost of goods manufactured 35 (b) Prepare an income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement For the Month Ended May 31, 2017 Value Value ? Sales revenue Cost of goods sold Finished goods, May 1 Cost of goods manufactured Cost of goods available for sale Less: Finished goods, May 31 Cost of goods sold Gross profit ? Value 51 (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017 LOPEZ COMPANY (Partial) Balance Sheet May 31, 2017 Current Assets: Finished goods inventory Value Met 82.592.09 23A | P2-SACD2 O Type here to search AutoSave Ou ExcelTemplateAssignment Cho2 (1) Protected View - Excel Search File Home Insert Page Layout Formulas Data Review View Help DYMO Label QuickBooks PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. 1 X C fi D E2-9 Prepare a cost of goods manufactured schedule and partial financial statements E F A B JK 51 (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017 LOPEZ COMPANY (Partial) Balance Sheet May 31, 2017 Current Assets: Finished goods inventory Value Work in process inventory Value Raw materials inventory Value 63 After you have completed E2-9, consider the following additional question. 611. 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. 1 02. 1 25 E2-9 P2-3A | P2.5A CD2 Type here to search
