Instructions
a.	Prepare a condensed cost of goods manufactured schedule for May 2022.
b.	Prepare an income statement for May 2022 through gross profit.
c.	Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2022.
NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.

In Excel

B E F H 1 1 7 9 D G H 1 2.9 Additional Question 2 3 t May 31, 2022, the accounts of Lopez Company show the following. 4 1. May 1 inventories - finished goods $12, 600, work in process $14,700 and raw materials 5 $8,200 6 2. May 31 inventories - finished goods $9,500, work in process, $15,900, and raw materials, $7,100 8 3. Debit postings to work in process were direct materials, $62,400, direct labor $50,000, and manufacturing overhead applied $40,000. 10 4. Sales revenue totaled $215,000. 11 12 istructions 13 a. Prepare a condensed cost of goods manufactured schedule for May 2022. 14 b. Prepare an income statement for May 2022 through gross profit. 15 C. Indicate the balance sheet presentation of the manufacturing inventories at May 31, 16 2022. 17 18 OTE: Enter a formula, a cell reference, or a value (if you are unable to reference a 19 all), into the yellow shaded input cells. 20 21 22 23 24 dditional Questions 25 Assume that the total costs for direct materials used, direct labor incurred, and 26 manufcturing overhead applied changed to $81,400, $63,600 and $45,000 respectively. 27 Show the impact of these changes on the cost of goods manufactured schedule, 28 income statement and balance sheet. 29 30 31 32 33 a. 34 LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 35 36 37 38 39 40 41 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 42 43 44 45 46 47 42 48 b. 49 50 LOPEZ COMPANY Income Statement (Partial) For the Month Ended May 31, 2022 51 52 53 54 55 56 57 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 58 59 60 61 62 63 c. CA 64 65 66 67 68 LOPEZ COMPANY Balance Sheet (Partial) May 31, 2022 Current assets: Finished goods inventory Work in process inventory Raw materials inventory 69 70 71