At May $31,2022,$ the accounts of Sheridan Company show the following.

May $1$ inventories$-$finished goods $$14,330,$ work in process $$16,690,$ and raw materials $$9,280.$

May $31$ inventories$-$finished goods $$10,830,$ work in process $$18,160,$ and raw materials $$8,060.$

Debit postings to work in process were direct materials $$71,170,$ direct labor $$57,000,$ and manufacturing

overhead applied $$45,600.($Assume that overhead applied was equal to overhead incurred.$)$

Sales revenue totaled $$245,100.$

$($a$)$

Your Answer

Prepare a condensed cost of goods manufactured schedule for May $2022.$

SHERIDAN COMPANY

Cost of Goods Manufactured Schedule

For the Month Ended May $31,2022$

cess, May $1$

rials Used

$

$57,000$

ing Overhead Applied

$45,600$

acturing Costs

fWork in Process

$190,460$

Nork in Process, May $31$

ds Manufactured

$($b$)$

With this prepare an income statement

Prepare an income statement for May $2022$ through gross profit.