*****PLEASE HELP WITH PART B********

Exercise 15-9 (Part Level Submission) At May 31, 2017, the accounts of Lopez Company show the following. 1. May 1 inventories-finished goods $15,300, work in process $15,800, and raw materials $9,000 2. May 31 inventories-finished goods $9,800, work in process $16,300, and raw materials $7,700 3. Debit postings to work in process were direct materials $63,000, direct labor $51,800, and manufacturing overhead applied $41,700. 4. Sales revenue totaled $216,100 Your answer is correct. Prepare a condensed cost of goods manufactured schedule LOPEZ COMPANY Cost of Goods M Schedule For the Month Ended May 31, 2017 Work in Process, May 1 15800 Direct Materials Used 63000 Direct Labor 51800 Manufacturing Overhead Applied 41700 Total Manufacturing Costs 156500 Total Cost of Work in Process 172300 Less Work in Process, May 31 16300 Cost of Goods Manufactured 156000 Click if you would like to Show Work for this question: Open Show Work (b) Prepare an income statement for May through gross profit. LOPEZ COMPANY Partial) Income Statement Click if you would like to Show Work for this question: Open Show Work