At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventoriesfinished goods $15,100, work in process $15,900, and raw materials $8,600. 2. May 31 inventoriesfinished goods $9,700, work in process $16,400, and raw materials $7,900. 3. Debit postings to work in process were direct materials $63,800, direct labor $51,600, and manufacturing overhead applied $40,100. 4. Sales revenue totaled $216,400. Prepare a condensed cost of goods manufactured schedule. Prepare an income statement for May through gross profit. Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017.
