prepare the balance sheet presentation of the manufacturing inventories may 31st

Exercise 15-09 (Part Level Submission) At May 31, 2020, the accounts of Lopez Company show the following: 1. May 1 Inventories-finished goods $15,000, work in process $15,400, and raw materials $8,500. 2. May 31 inventories-finished goods $9,900, work in process $16,900, and raw materials $7,800. 3. Debit postings to work in process were direct materials $65,000, direct labor $52,500, and manufacturing overhead applied $40,100. (Assume that overhead applied was equal to overhead incurred 4. Sales revenue totaled $216,400. Your answer is correct. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2020 Work in Process, May 1 15400 Direct Materials Used 65000 . Direct Labor . 52500 40100 Manufacturing Overhead Applied 157600 Total Manufacturing Costs . 173000 Total Cost of Work in Process Work in process, May 31 . Less (16900) 156100 Cost of Goods Manufactured Click if you would like to show Work for this question Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO VIDEO LINK TO TEXT Attempts: 1 of 2 (b) Prepare an income statement for May through gross profit LOPEZ COMPANY (Partial) Income Statement Then Cont of Work in Proconus 173000 Work in Proces, May 31 (16900) Cost of Goods Manufactured 156100 Click If you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO Prepare an Income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement . . . + . Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS (0) The parts of this question must be completed in order. This part war be available when you complete the part above MacBook Air