At May 31, 2017, the accounts of Lopez Company show the following. 1.May 1 inventoriesfinished goods $12,600, work in process $14,700, and raw materials $8,200. 2.May 31 inventoriesfinished 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 balance sheet presentation of the manufacturing inventories at May 31, 2017.