At May 31, 2005, the accounts of Yellow Knife Manufacturing Company show the following. May 1 inventoriesfinished goods $12,600, work in process $14,700, and raw materials $8,200 May 31 inventoriesfinished goods $11,500, work in process $17,900, and raw materials $7,100. Debit postings to work in process were: direct materials $62,400, direct labor $32,000, and manufacturing overhead applied $48,000. Sales totaled $200,000. Prepare a condensed cost of goods manufactured schedule. Prepare an income statement for May through gross profit. Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2005