At May 31, 2020, the accounts of Lopez Company show the following.
1. May 1 inventories—finished goods $15,300, work in process $15,800, and raw materials $9,000.
2. May 31 inventories—finished goods $9,800, work in process $16,300, and raw materials $7,700.
3. Debit postings to work in process were direct materials $63,000, direct labor $51,800, and manufacturing overhead applied $41,700. (Assume that overhead applied was equal to overhead incurred.)
4. Sales revenue totaled $216,100.
Prepare a condensed cost of goods manufactured schedule.
LOPEZ COMPANY
Cost of Goods Manufactured Schedule
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$
SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT
Prepare an income statement for May through gross profit.
LOPEZ COMPANY
(Partial) Income Statement
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$

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$
SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT
Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2020.
LOPEZ COMPANY
(Partial) Balance sheet

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5. profit maximization and shutting down in the short run suppose that the market for polos is a competitive market. the following graph shows the daily cost curves of a firm operating in this market. 0 2 4 6 8 10 12 14 16 18 20 50 45 40 35 30 25 20 15 10 5 0 price (dollars per polo) quantity (thousands of polos) mc atc avc for each price in the following table, calculate the firm's optimal quantity of units to produce, and determine the profit or loss if it produces at that quantity, using the data from the previous graph to identify its total variable cost. assume that if the firm is indifferent between producing and shutting down, it will produce. (hint: you can select the purple points [diamond symbols] on the previous graph to see precise information on average variable cost.) price quantity total revenue fixed cost variable cost profit (dollars per polo) (polos) (dollars) (dollars) (dollars) (dollars) 12.50 135,000 27.50 135,000 45.00 135,000 if the firm shuts down, it must incur its fixed costs (fc) in the short run. in this case, the firm's fixed cost is $135,000 per day. in other words, if it shuts down, the firm would suffer losses of $135,000 per day until its fixed costs end (such as the expiration of a building lease). this firm's shutdown price—that is, the price below which it is optimal for the firm to shut down—is per polo.

The role of the credit department includes: a. evaluating customers' credit applications to determine whether they meet the company's approval standards. b. approving all credit applications in order to avoid losing sales. c. collecting cash from customers. d. following unwritten approval standards for processing customers' credit applications.

Arnold rossiter is a 40-year-old employee of the barrington company who will retire at age 60 and expects to live to age 75. the firm has promised a retirement income of $20,000 at the end of each year following retirement until death. the firm's pension fund is expected to earn 7 percent annually on its assets and the firm uses 7% to discount pension benefits. what is barrington's annual pension contribution to the nearest dollar for mr. rossiter? (assume certainty and end-of-year cash flows.)