Exercise 15-9

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

1.		May 1 inventoriesfinished goods $14,800, work in process $17,600, and raw materials $8,600.
2.		May 31 inventoriesfinished goods $9,600, work in process $17,000, and raw materials $8,000.
3.		Debit postings to work in process were direct materials $64,300, direct labor $51,400, and manufacturing overhead applied $42,100.
4.		Sales revenue totaled $217,000.

Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule $ Prepare an income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement Prepare an income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017 LOPEZ COMPANY (Partial) Balance sheet Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017 LOPEZ COMPANY (Partial) Balance sheet