At May 31, 2022, the accounts of Sheridan Company show the following 1. 2 May 1 inventories--finished goods $14,330, work in process $16,690, and raw materials $9.280. May 31 inventories-finished goods $10,830, work in process $18,160, and raw materials $8,060, Debit postings to work in process were direct materials $71,170, direct labor $57.000, and manufacturing overhead applied $45,600. (Assume that overhead applied was equal to overhead incurred.) Sales revenue totaled $245,100. 3 4 Prepare an income statement for May 2022 through gross profit. SHERIDAN COMPANY (Partial) Income Statement $