E20.9 (LO 1, 5) At May 31, 2020, the acco unts of Lopez Company show the following. 1. May 1 inventories -finished goods $12.600, work in process S14.700, 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. (Assume that overhead applied was equal to over head incurred.) 4. Sales revenue totaled $215,000 Instructions a. Prepare a condensed cost of goods manufactured schedule for May 2020. b. Prepare an income statement for May 2020 through gross profit. e. Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2020