At May 31, 2020. the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $12,700, work in process $15,100, and raw materials $8,600. 2. May 31 inventories-finished goods $9,700, work in process $17,900, and raw materials $7,500. 3. Debit postings to work in process were direct materials $62,800, direct labor $50.200, and manufacturing overhead applied $41,900. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,600. . 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 Manufacturing Overhead Applied : Direct Labor . Total Manufacturing Costs Total Cost of Work in Process Less Work in Process, May 31 . $ Cost of Goods Manufactured Prepare an income statement for May through gross proht. LOPEZ COMPANY (Partial) Income Statement For the Month Ended May 31, 2020 Sales Revenue $ Cost of Goods Sold Finished Goods, May 1 Cost of Goods Manufactured Raw Materials, May 31 Less Finished Goods, May 31 : Cost of Goods Sold $ Gross Pront e Textbook and Media List of Accounts Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2020. LOPEZ COMPANY (Partial) Balance sheet Inventories Current Assets Finished Goods Inventory Work in Process Inventory Raw Materials Inventory $ Total Inventories