At May 31, 2020, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,000, work in process $17,600, and raw materials $8,400. 2. May 31 inventories-finished goods $9,600, work in process $18,000, and raw materials $8,000. 3. Debit postings to work in process were direct materials $65,100, direct labor $51,600, and manufacturing overhead applied $40,200. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,500. Prepare a condensed cost of goods manufactured schedule. Work in Process, May 1 Direct Materials Used Direct Labor Manufacturing Overhead Applied Total Manufacturing Costs Total Cost of Work in Process LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2020 Cost of Goods Manufactured V Less : Work in Process, May 31 65100 51600 40200 $ +A $ 17600 156900 174500 18000 i 156500 Prepare an income statement for May through gross profit. Sales Revenue Cost of Goods Sold Finished Goods, May 1 Cost of Goods Manufactured Cost of Goods Available for Sale Less : Finished Goods, May 31 Cost of Goods Sold Gross Profit LOPEZ COMPANY (Partial) Income Statement For the Month Ended May 31, 2020 $ 14000 i 156500 i 170500 i 9600 i $ $ 216500 160900 i 55600 (c) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2020. LOPEZ COMPANY (Partial) Balance sheet tA $ $