At May 31, 2020, the accounts of Lopez Company show the following. 1. May 1 inventories—finished goods $15,000, work in process $16,900, and raw materials $9,300.
2. May 31 inventories—finished goods $9,900, work in process $17,100, and raw materials $7,300.
3. Debit postings to work in process were direct materials $64,500, direct labor $52,400, and manufacturing overhead applied $42,700. (Assume that overhead applied was equal to overhead incurred.)
4. Sales revenue totaled $216,500.
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, 2020.