Prepare an income statement for May through gross profit.

Exercise 2-9 (Part Level Submission) At May 31, 2017, the accounts of Lopez Company show the following. X/May 1 inventories-finished goods12,900, workin process $14,800, and raw materials $8,900. 2. May 31 inventories-finished goods $9,700, work in process $19,000, and raw materials $7,400. 3. Debit postings to work in process were direct materials $64,500, direct labor $52,600, and manufacturing overhead applied $42,000 4. Sales revenue totaled $216,600: ~