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.