Complete the Cost of Goods Manufactured Schedule and associated partial financial statments, (a), (b) and(c)for the Problem information for Lopez Company below. (blue shaded cells are calculated values) LOPEZ COMPANY Cost of Goods Manufactured Schedule (condensed For the Month Ended May 31, 2017 Work in process, May 1 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process At May 31, 2017, the accounts of Lopez Company show the following 1. May 1 inventories-finished goods $13,500, work in process $22,550, and raw materials $9,950. 2. May 31 inventories-finished goods $15,400, work in process $19,900, and raw materials $5,800 3. Debit postings to work in process durin May were: direct materials $54,200, direct labor $32,000, and manufacturing overhead applied $42,000. 4. Sales totaled $250,000. Less: Work in process, May 31 Cost of goods manufactured Instructions a) Prepare a condensed cost of goods manufactured schedule. b) Prepare an income statement for May through gross profit. c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2017 LOPEZ COMPANY (Partial Income Statement For the Month Ended May 31, 2017 Sales revenue Cost of goods sold Finished goods, May 1 Cost of goads manufactured Cost of goods available for sale Less: Finished goods, May 31 Cost of goods sold Gross profit MANTLE COMPANY (Partial) Balance sheet May 31, 2017 Current assets: Finished goods inventory Work in process inventory Raw materials inventory