At May 31, 2025, the accounts of Lopez Company show the following.
1. May 1 inventories—finished goods $12,600, work in process $14,700, and raw materials $8,200.
2. May 31 inventories—finished 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. (Assume that overhead applied was equal to overhead incurred.)
4. Sales revenue totaled $215,000.

Instructions
a. Prepare a condensed cost of goods manufactured schedule for May 2025.
b. Prepare an income statement for May 2025 through gross profit.
c. Prepare the balance sheet section of the manufacturing inventories at May 31, 2025.