Exercise 2-9 (Video) CALCULATOR PRINTER VERSION BACK NEXT At May 31, 2020, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $15,000, work in process $16,900, and raw materials $9,300. 2. May 31 inventories-finished goods $9,900, work in process $17,100, and raw materials $7,300. 3. Debit postings to work in process were direct materials $64,500, direct labor $52,400, and manufacturing overhead applied $42,700. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,500. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2020 v Work in Process, May 1 Direct Materials Used Direct Labor Manufacturing Overhead Applied 16900 $ 64500 $ 52400 42700