At May 31, 2020, the accounts of Vaughn 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 Prepare a condensed cost of goods manufactured schedule. VAUGHN COMPANY Cost of Goods Manufactured Schedule TA $ Prepare an income statement for May through gross profit. VAUGHN COMPANY (Partial) Income Statement $ 4 Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2020. VAUGHN COMPANY (Partial) Balance sheet $ $ : $