At May 31, 2022, the accounts of Pharoah Company show the following 1 2 May 1 inventories-finished goods $ 11,330, work in process $ 13,210, and raw materials $7,360. May 31 inventories-finished goods $8,550, work in process $ 14,320, and raw materials $6,380, 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) Sales revenue totaled $ 193,500 3. 4. PHAROAH COMPANY (Partial) Income Statement $ Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. PHAROAHCOMPANY (Partial) Balance sheet $