At May 31, 2022, the accounts of Ivanhoe Company show the following. 1. May 1 inventories-finished goods $13,580, work in process $15,820, and raw materials $8,800. 2. May 31 inventories-finished goods $10,260, work in process $17,200, and raw materials $7.640. 3. Debit postings to work in process were direct materials $67,420, direct labor $54,000, and manufacturing overhead applied $43,200. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $232,200. Prepare an income statement for May 2022 through gross profit. IVANHOE COMPANY (Partial) Income Statement