Exercise 2-9 (Part Level Submission) At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $14,000, work in process $17,600, and raw materials $8,400. 2. May 31 inventories-finished goods $9,600, work in process $18,000, and raw materials $8,000. 3. Debit postings to work in process were direct materials $65,100, direct labor $51,600, and manufacturing overhead applied $40,200. 4. Sales revenue totaled $216,500. (a) Your answer is correct Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2017 v Work in Process, May 1 17600 Direct Materials Used 65100 Direct Labor 51600 Manufacturing Overhead Applied 40200 Total Manufacturing Costs 156900 Total Cost of Work in Process v 174500 Less Work in Process, May 31 (18000) Cost of Goods Manufactured 156500