Procter & Gamble has provided the following data for its detergent division for the month of May 2023:

Item	Amount (in $)
Opening Inventory (Raw)	50,000
Purchases	200,000
Closing Inventory (Raw)	30,000
Direct Labor	120,000
Manufacturing Overhead	60,000
Opening Inventory (Finished)	40,000
Closing Inventory (Finished)	20,000
Sales	500,000
Selling & Administrative Exp.	50,000

Requirements:

1. Calculate the Cost of Goods Manufactured.
2. Prepare the Cost of Goods Sold statement.
3. Determine the Gross Profit.
4. Calculate the Net Income.
5. Create a Balance Sheet for the detergent division for May 2023.