At May 31, 2022, the accounts of Crane Company show the following. 1. 2. May 1 inventories-finished goods $10,330, work in process $12,050, and raw materials $6,720. May 31 inventories-finished goods $7,790, work in process $13,040, and raw materials $5,820. 3. Debit postings to work in process were direct materials $51,170, direct labor $41,000, and manufacturing overhead applied $32,800. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $176,300. Prepare an income statement for May 2022 through gross profit. CRANE COMPANY (Partial) Income Statement S Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. CRANECOMPANY (Partial) Balance sheet