Exercise 29 Part Level Submission At May 31 2017 the account

Exercise 2-9 (Part Level Submission) At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,000, work in process $17,600, and raw materials $8,400. 2. May 31 inventories-finished goods $9,600, work in process $18,000, and raw materials $8,000. 3. Debit postings to work in process were direct materials 65,100, direct labor $51,600, and manufacturing overhead applied $40,200. 4. Sales revenue totaled 216,500. (a) Prepare a condensed cost of goods manufactured schedule LOPEZ COMPANY Cost of Goods Manufactured Schedule

Solution

Prepare cost of goods manufactured schedule :

Beginning work in process		17600
Direct material used	65100
Direct labout	51600
manufacturing overhead	40200
Total manufacturing cost		156900
Total cost of work in process		174500
Less : Ending work in process		(18000)
Cost of goods manufactured		156500