2. At May 31, 2010, the accounts of Hannifan Manufacturing Company show the following. 1. May I inventories-finished goods S12,600, work in process S14,700, and raw materials$8,200. 2. May 31 inventories-finished goods $9,500, work in process $17,900, and raw materials $7,100. 3. Debit postings to work in process were: direct materials $62,400, direct labor $32,000, and manufacturing overhead applied S40,000. 4. Sales totaled $200,000. Instructions (a) Prepare a condensed cost of goods manufactured schedule. (b) Prepare an income statement for May through gross profit. (C) Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2010