At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories - finished goods $12,600, work in process $14,700, and raw materials $8,200.
2. May 31 inventories - finished goods $9,500, work in process $15,900, and raw materials $7,100.
3. Debit postings to work in process were direct materials $62,400, direct labor $50,000, and manufacturing overhead applied $40,000.
4. Sales revenue totaled $215,000.
a. Prepare a condensed cost of goods manufactured schedule.
b. Prepare an income statement for May through gross profit
c. Indicate the balance sheet presentation of the manufacturing inventories on May 31, 2017

a. cost of goods manufactured schedule.

Direct materials                                             $62,400

Direct labor                                                    $50,000

Manufacturing overhead applied                $40,000

Add Opening work in process Inventory     $14,700

Less Closing work in process Inventory    ($15,900)

Cost of goods manufactured                       $151,200

b. income statement for May

Sales Revenue                                                                $215,000

Less Cost of Goods Sold :

Opening finished goods Inventory             $12,600

Add Cost of goods manufactured             $151,200

Less Closing finished goods Inventory     ($12,600)  ($176,400)

Gross Profit                                                                     $38,600

c.presentation of the manufacturing inventories

raw materials        $7,100

work in process $15,900

finished goods    $9,500

Total Inventory  $32,500

Explanation:

a.Cost of Goods Manufactured schedule included all the manufacturing costs incurred during production.

b.The Income statement is used to calculate gross profit as Sale less Cost of Sales.

c.The  manufacturing inventories are presented in the balance sheet in their older of liquidity starting with the least liquid category.

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