At May 31, 2022, the accounts of Ivanhoe Company show the following. 1. May 1 inventories-finished goods $10,830, work in process $12,630, and raw materials $7.040. 2. May 31 inventories-finished goods $8,170, work in process $13,680, and raw materials $6,100. 3. Debit postings to work in process were direct materials $53,670, direct labor $43,000, and manufacturing overhead applied $34,400. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $184,900. Prepare a condensed cost of goods manufactured schedule for May 2022. IVANHOE COMPANY Cost of Goods Manufactured Schedule $ (b) Prepare an income statement for May 2022 through gross profit. IVANHOE COMPANY (Partial) Income Statement (c) Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. IVANHOECOMPANY (Partial) Balance sheet