At May 31, 2020, the accounts of Lopez Company show the following.

1.		May 1 inventoriesfinished goods $12,900, work in process $14,800, and raw materials $8,900.
2.		May 31 inventoriesfinished goods $9,700, work in process $19,000, and raw materials $7,400.
3.		Debit postings to work in process were direct materials $64,500, direct labor $52,600, and manufacturing overhead applied $42,000. (Assume that overhead applied was equal to overhead incurred.)
4.		Sales revenue totaled $216,600.

Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2020. LOPEZ COMPANY (Partial) Balance sheet A Click if you would like to Show Work for this question: Open Show Work