At May 31, 2020, the accounts of Lopez Company show the following. 1. May 1 inventories—finished goods $13,000, work in process $17,400, and raw materials $8,500. 2.
May 31 inventories—finished goods $9,700, work in process $16,500, and raw materials $7,500.
3. Debit postings to work in process were direct materials $64,100, direct labor $52,800, and manufacturing overhead applied $40,400. (Assume that overhead applied was equal to overhead incurred.)
4. Sales revenue totaled $216,400.

Required:
Prepare a condensed cost of goods manufactured schedule.

Acompany set up a petty cash fund with $800. the disbursements are as follows: office supplies $300 shipping $50 postage $30 delivery expense $350 to create the fund, which account should be credited? a. postage b. cash at bank c. supplies d. petty cash

Why has the free enterprise system been modified to include some government intervention?

Magic realm, inc., has developed a new fantasy board game. the company sold 15,000 games last year at a selling price of $20 per game. fixed expenses associated with the game total $182,000 per year, and variable expenses are $6 per game. production of the game is entrusted to a printing contractor. variable expenses consist mostly of payments to this contractor.required: 1-a. prepare a contribution format income statement for the game last year.1-b. compute the degree of operating leverage.2. management is confident that the company can sell 58,880 games next year (an increase of 12,880 games, or 28%, over last year). given this assumption: a. what is the expected percentage increase in net operating income for next year? b. what is the expected amount of net operating income for next year? (do not prepare an income statement; use the degree of operating leverage to compute your answer.)