At May 31, 2020, 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. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,400. Prepare a condensed cost of goods manufactured schedule. LOPEZ COMPANY

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan