1. prepare a condensed cost of goods manufacturer schedule

2. prepare an income statement for may theougu gross profit.

3. indicate the balance sheet presentation of the manufaturing incentoriws at May 31, 2020.

At May 31, 2020, the accounts of Vaughn Company show the following. 1. May 1 inventories-finished goods $14,300, Work in process $15, 100, and raw materials $8,900. 2. May 31 inventories-finished goods $9,600, work in process $16, 100, and raw materials $7,600. 3. Debit postings to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,200