At May 31, 2020, the accounts of Lopez Company show the following. 1. 2. 3. May 1 inventories-finished goods $14,300, work in process $15,100, and raw materials $8,900. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. 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.) Sales revenue totaled $216,200. 4. (a) Your answer is correct. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2020, Work in Process, May 1 Direct Materials Used 4 62800 Direct Labor 53100 Manufacturing Overhead Applied 42300 Total Manufacturing Costs Total Cost of Work in Process Less A Work in Process, May 31 Cost of Goods Manufactured e Textbook and Media List of Accounts Attempts: 2 of 3 used (b) Prepare an income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement Prepare an income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement $ $