At May 31, 2017, the accounts of Lopez Company show the following.

 
   

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At May       31, 2017, the accounts of Lopez Company show the following.

  

1.

May         1 inventories—finished goods $15,100, work in process $15,900, and raw         materials $8,600.

 

2.

May         31 inventories—finished goods $9,700, work in process $16,400, and raw materials         $7,900.

 

3.

Debit         postings to work in process were direct materials $63,800, direct labor         $51,600, and manufacturing overhead applied $40,100.

 

4.

Sales         revenue totaled $216,400.

  

      

Prepare       a condensed cost of goods manufactured schedule. Prepare an income       statement for May through gross profit. Indicate the balance sheet       presentation of the manufacturing inventories at May 31, 2017.