At May 31, 2017, 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. 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 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" (a) Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2017 Value Value Value Value Work in process, May 1 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Less: Work in process, May 31 Cost of goods manufactured Value (b) Prepare an income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement For the Month Ended May 31, 2017 Value Value Sales revenue Cost of goods sold Finished goods, May 1 Cost of goods manufactured Cost of goods available for sale Less: Finished goods, May 31 Cost of goods sold Gross profit Value (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017 LOPEZ COMPANY (Partial) Balance Sheet May 31, 2017 Current Assets: Finished goods inventory | Value Work in process inventory Value Raw materials inventory Value