At May 31, 2002, the accounts of Corrales Manufacturing Company show the fol- lowing.

1. May 1 inventories —finished goods \($12,600\), work in process \($14,700\), and raw materials $8,200.

2. May 31 inventories—finished goods \($10,500\), work in process \($17,900\), and raw materials $7,100.

3. Debit postings to work in process were: direct materials \($62,400\), direct labor \($32,000\), and manufacturing overhead applied $64,000.

4. Sales totaled $200,000.

Instructions

(a) Prepare a condensed cost of goods manufactured schedule.

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

(c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2002.