O Prepare an income statement for May through gross profit. THONAMIEN Work in Process Mav 31 Direct Materials Used Direct Labor Manufacturine Overhead Applied Total Manufacturing Costs Less ME Work in Process May 1 Cost of Goods Sold Cost of Goods Manufactured eTextbook and Media List of Accounts Save for Later LOPEZ COMPANY (Partial) Income Statement For the Year Ended May 31, 2020 S $ Attempts: 1 of 3 used Submit Answer a View Policies Show Attempt History Current Attempt in Progress At May 31, 2020, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $15,000, work in process $16.900, and raw materials $9,300. 2 May 31 inventories-finished goods $9,900, work in process $17.100, and raw materials $7,300. 3. Debit postings to work in process were direct materials $64,500, direct labor $52,400, and manufacturing overhead applied $42.700. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,500. (a) Your answer is correct. Prepare a condensed cost of goods manufactured schedule. Work in Process, May 1 16900 Direct Materials Used Mi LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2020 64500