At May 31, 2020, the accounts of Lopez Company show the following 1. 2 3. May 1 inventories-finished goods $ 15,000, work in process $16.900, and raw materials $ 9,300 May 31 inventories-finished goods $ 9,900, work in process $ 17,100, and raw materials $7.300. Debit postings to work in process were direct materials $ 64,500, direct labor $ 52,400, and manufacturing overhead applied $ 42,700. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $ 216,500 4. 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 16900 Direct Materials Used 64500 Direct Labor 52400 Manufacturing Overhead Applied 42700 Total Manufacturing Costs 159600 Total Cost of Work in Process 176500 Less Work in Process, May 31 17100 Cost of Goods Manufactured 159400 Prepare an income statement for May through gross profit LOPEZ COMPANY (Partial) Income Statement > > Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2020. LOPEZ COMPANY (Partial) Balance sheet $ $ $