At May 31, 2022, the accounts of Crane Company show the following. 1. May 1 inventories-finished goods $15,830, work in process $18,430, and raw materials $10,240. 2. May 31 inventories-finished goods $11,970, work in process $20,080, and raw materials $8,900. 3. Debit postings to work in process were direct materials $78,670, direct labor $63,000, and manufacturing overhead applied $50,400. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $270,900. Work in Process, May 1 Direct Materials Used Direct Labor Manufacturing Overhead Applied Total Manufacturing Costs Total Cost of Work in Process CRANE COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 + Less : Work in Process, May 31 Cost of Goods Manufactured $ 78670 63000 50400 +A $ 18430 192070 210500 20080 i 190420 Prepare an income statement for May 2022 through gross profit. CRANE COMPANY (Partial) Income Statement For the Month Ended May 31, 2022 Sales Revenue Cost of Goods Sold Finished Goods, May 1 Cost of Goods Manufactured 15830 i 190420 i Cost of Goods Available for Sale 206250 i Less Finished Goods, May 31 11970 i Cost of Goods Sold Gross Profit eTextbook and Media List of Accounts 270900 194280 i 76620 Attempts: 1 of 3 used CRANECOMPANY (Partial) Balance sheet $ $