Question: 12. Answer the following based off the information given. (b) Prepare an income statement for May 2022 through gross profit. At May 31, 2022, the

12. Answer the following based off the information given.

(b) Prepare an income statement for May 2022 through gross profit. At May 31, 2022, the accounts of Sandhill Company show the following 1. May 1 inventories-finished goods $12,330, work in process $14,370, and raw materials $8,000. 2. May 31 inventories-finished goods $9,310, work in process $15,600, and raw materials $6,940. 3. Debit postings to work in process were direct materials $61,170, direct labor $49,000, and manufacturing overhead applied $39,200. (Assume that overhead applied was equal to overhead incurred) 4. Sales revenue totaled $210,700. (a) Prepare a condensed cost of goods manufactured schedule for May 2022

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