At May 31, 2014, the accounts of Mantle Company show the following.
- May 1 inventories—finished goods $12,600, work in process $14,700, and raw materials $8,200.
- May 31 inventories—finished goods $9,500, work in process $17,900, and raw materials $7,100.
- Debit postings to work in process were direct materials $62,400, direct labor $50,000, and manufacturing overhead applied $40,000.
- Sales revenue totaled $210,000.
(a)Prepare a condensed cost of goods manufactured schedule.
(b)Prepare an income statement for May through gross profit.
(c)Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2014.