At May 31, 2022, the accounts of Cullumber Company show the following. 1. May 1 inventories - finished goods $16,080, work in process $18,720, and raw materials $10,400. 2. May 31 inventories - finished goods $12,160, work in process $20,400, and raw materials $9,040. 3. Debit postings to work in process were direct materials $79,920, direct labor $64,000, and manufacturing overhead applied $51,200. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $275,200. \begin{tabular}{l} \hline Work in Process, May 1 \\ \hline Direct Materials Used \end{tabular} CULLUMBER COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 Direct Labor Manufacturing Overhead Applied \begin{tabular}{l} Total Manufacturing Costs \\ Total Cost of Work in Process \\ Less v: Work in Process, May 31 \\ \hline \end{tabular} Prepare an income statement for May 2022 through gross profit