Exercise 16-9 At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $12,800, work in process $15,300, and raw materials $9,000. 2. May 31 inventories-finished goods $9,900, work in process $18,900, and raw materials $7,500. 3. Debit postings to work in process were direct materials $63,100, direct labor $52,900, and manufacturing overhead applied $40,200. 4. Sales revenue totaled $216,200. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule Prepare an income statement for May through gross profit. LOPEZ COMPANY (Partial) Income Statement