At May 31, 2022, the accounts of Pharoah Company show the following. 1. May 1 inventories-finished goods $11,330, work in process $13,210, and raw materials $7,360. 2. May 31 inventories-finished goods $8,550, work in process $14,320, and raw materials $6,380. 3. Debit postings to work in process were direct materials $56,170, direct labor $45,000, and manufacturing overhead applied $36,000. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $193,500. Work in Process, May 1 Direct Materials Used Direct Labor PHAROAH COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 56170 45000 13210 Manufacturing Overhead Applied 36000 Total Manufacturing Costs 137170 Total Cost of Work in Process 150380 Less B 14320 i Work in Process. May 31 $ 136060 Cost of Goods Manufactured Sales Revenue Cost of Goods Sold Finished Goods, May 1 Cost of Goods Manufactured Cost of Goods Available for Sale PHAROAH COMPANY (Partial) Income Statement For the Month Ended May 31, 2022 11330 i 136060 i 147390 i Less: Finished Goods, May 31 8550 i Cost of Goods Sold Gross Profit $ 138840 i 54660 193500 Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. PHAROAHCOMPANY (Partial) Balance sheet