Show Attempt History Current Attempt in Progress At May 31, 2022, the accounts of Pharoah Company show the following. 1. May 1 inventories-finished goods $14,080, work in process $16,400, and raw materials $9,120. 2. May 31 inventories-finished goods $10,640, work in process $17,840, and raw materials $7,920. 3. Debit postings to work in process were direct materials $69,920, direct labor $56,000, and manufacturing overhead applied $44,800. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $240,800. (a) Prepare a condensed cost of goods manufactured schedule for May 2022. PHAROAH COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 Work in Process, May 1 $ 16400 Direct Materials Used 2 $ 69920 Direct Labor 56000 Manufacturing Overhead Applied 44800 Total Manufacturing Costs 170720 Total Cost of Work in Process 187120 Less: Work in Process, May 31 17840 i Cost of Goods Manufactured $ 169280 Prepare an income statement for May 2022 through gross profit. PHAROAH COMPANY (Partial) Income Statement $ 4 Cost of Goods Sold $ Gross Profit . Less : $