Prepare an income statement for May through gross profit.

Exercise 16-9 (Part Level Submission) At May 31, 2017, the accounts of Lopez Company show the following 1. May 1 inventories-finished goods 14,400 , work in process 17,400 , and raw materials $ 9,000 2. May 31 inventories-finished goods $9,600,work in process $16,800, and raw materials $8,200 3. Debit postings to work in process were direct materials $ 65,400 , direct labor 51,900 , and manufacturing overhead applied $ 42,400 . 4. Sales revenue totaled $ 217,000