A manufacturing company reports the following information for the month of May. Note: Assume all raw materials were used as direct materials. Activities for May Activities for May Advertising expense Raw materials purchases (all direct materials) Indirect labor Factory utilities Direct labor $ 4,500 Office salaries expense 77,000 Rent expense-Office space 7,000 Rent expense-Selling space 3,640 Rent expense-Factory building 46,800 Sales salaries expense $ 4,200 2,500 6,000 14,400 34,600 2,400 Sales 257,600 2,500 Maintenance expense-Factory equipment 6,700 4,110 Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Inventories Raw materials Work in process Finished goods Beginning $ 15,400 4,600 6,400 Ending $ 15,900 5,000 7,200 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the income statement for May. Sales Income Statement For Month Ended May 31 $ 257,600 Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income $ 6,400 158,750 165,150 7,200 157,950 99,650 $ 99,650 < Required 1 Required 2 >