Lopez Corporation incurred the following costs while manufacturing its product.
Work in process inventory was $12,000 at January 1 and $15,500 at December 31. finished goods inventory was $60,000 at January 1 and $45,000 at December 31.
Instructions
- Compute cost of goods manufactured.
- Compute cost of goods sold.
Solution
a.
Lopez Corporation
Cost of goods manufactured schedule
For the Year Ended December 31, 2020
Cost of goods manufactured schedule
For the Year Ended December 31, 2020
b.
Lopez Corporation
Income Statement (Partial)
For the Year Ended December 31, 2020
Income Statement (Partial)
For the Year Ended December 31, 2020
