At May 31, 2020, the accounts of Lopez Company show the following.

1. May 1 inventories—fi nished goods €12,600, work in process €14,700, and raw materials €8,200.

2. May 31 inventories—fi nished goods €9,500, work in process €15,900, and raw materials €7,100.

3. Debit postings to work in process were direct materials €62,400, direct labor €50,000, and manufacturing overhead applied €40,000.

4. Sales revenue totaled €215,000. 

Instructions

a. Prepare a condensed cost of goods manufactured schedule.

b. Prepare an income statement for May through gross profit.

c. Indicate the statement of financial position presentation of the manufacturing inventories at May 31, 2020.