E15.9 Prepare a cost of goods manufactured schedule and partial financial statements At May 31, 2025, the accounts of Lopez Company show the following. 1. May 1 inventories - finished goods $12,600, work in process $14,700 and raw materials $8,200. 2. May 31 inventories - finished goods $9,500, work in process, $15,900, and raw materials, $7,100. 3. Debit postings to work in process were direct materials, $62,400, direct labor $50,000, and manufacturing overhead applied $40,000. 4. Sales revenue totaled $215,000. Instructions a. b. C. Prepare a condensed cost of goods manufactured schedule for May 2025. Prepare an income statement for May 2025 through gross profit. Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2025. NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells. a. LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2025 Work in process, May 1 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Less: Work in process, May 31 Cost of goods manufactured