At May 31, 2020, the accounts of Hannifan Manufacturing Company show the following:

1.		May 1 inventoriesFinished Goods $12,620, Work in Process $17,610, and Raw Materials $8,380.
2.		May 31 inventoriesFinished Goods $15,870, Work in Process $17,950, and Raw Materials $7,100.
3.		Debit postings to Work in Process were direct materials $54,590, direct labour $32,730, and manufacturing overhead applied $40,810.
4.		Sales totalled $201,500.

Prepare a partial income statement for May. Include the gross profit section of the income statement. HANNIFAN MANUFACTURING COMPANY (Partial) Income Statement For the Month Ended May 31, 2020 Sales $ $ 201500 Cost of goods sold Finished goods, May 1 $ 12620 i Cost of goods manufactured 128130 Cost of goods available for sale 140750 Less : Finished goods, May 31