At May 31, 2020, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,000, work in process $17,600, and raw materials $8,400. 2. May 31 inventories-finished goods $9,600, work in process $18,000, and raw materials $8,000. 3. Debit postings to work in process were direct materials $65,100, direct labor $51,600, and manufacturing overhead applied $40,200. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,500. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2020 V Work in Process, May 1 $ 17600 Direct Materials Used 65100 Direct Labor 51600 Manufacturing Overhead Applied 40200 Total Manufacturing Costs 156900 Total Cost of Work in Process 174500 Less Work in Process, May 31 18000 Cost of Goods Manufactured 156500 Prepare an income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement For the Month Ended May 31, 2020 Sales Revenue 216500 Cost of Goods Sold Finished Goods, May 1 14000 Cost of Goods Manufactured 156500 Cost of Goods Available for Sale 7 170500 i Less Finished Goods, May 31 9600 i Cost of Goods Sold 160900 Gross Profit Gross Profit 55600 Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2020. LOPEZ COMPANY (Partial) Balance sheet