At May 31, 2020, the accounts of Sheridan Company show the following. 1. May 1 inventories-finished goods $15,400, work in process $16,000, and raw materials $9,100. 2. May 31 inventories-finished goods $9,800, work in process $16,200, and raw materials $7,400. 3. Increases to work in process were direct materials $64,800, direct labor $51,300, and manufacturing overhead applied $40,600. 4. Sales revenue totaled $216,600. Prepare a condensed cost of goods manufactured schedule for May 2020. SHERIDAN COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2020, Work in Process, May 1 16000 Direct Materials Used 64800 Direct Labor 51300 Manufacturing Overhead Applied 40600 Total Manufacturing Costs 156700 Total Cost of Work in Process 172700 Less : Work in Process, May 31 4 16200 i Cost of Goods Manufactured 156500 Prepare an income statement for May 2020 through gross profit. SHERIDAN COMPANY (Partial) Income Statement For the Month Ended May 31, 2020 Sales Revenue $ 216600 Cost of Goods Sold Finished Goods, May 1 $ 15400 Cost of Goods Manufactured factured ] [ 156500 150 Cost of Goods Available for Sale - 171900 Less 4: Finished Goods, May 31 4 9800 Cost of Goods Sold 162100 i Gross Profit 54500 Indicate the balance sheet presentation of the manufacturing inventories at May 31, 2020. SHERIDAN COMPANY (Partial) Balance sheet