At May 31, 2027, the accounts of Waterway Company show the following. 1. May 1 imventories - finished goods $13,400, work in process $17,200, and raw materials $9,200. 2. May 31 inventories - finished goods $9,900, work in process $18,000, and raw materials $7,900. 3. Increases to work in process were direct materials $63,600, direct labor $50,600, and manufacturing overhead applied $42,000. 4. Sales revenue totaled $216,200. Prepare an income statement for May 2027 through gross profit