(c) Prepare the balance sheet section of the manufacturing inventories at May 31, 2022. SHERIDANCOMPANY (Partial) Balance sheet May 31, 2022 At May 31, 2022, the accounts of Sheridan Company show the following. 1. May 1 inventories-finished goods $14,330, work in process $16,690, and raw materials $9.280. 2. May 31 inventories-finished goods $10,830, work in process $18,160, and raw materials $8,060. 3. 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.) 4. Sales revenue totaled $245,100. (a) Your answer is correct. Prepare a condensed cost of goods manufactured schedule for May 2022. SHERIDAN COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 Work in Process, May 1 Direct Materials Used 1 Direct Labor 71170 57000 16690 Prepare a condensed cost of goods manufactured schedule for May 2022. SHERIDAN COMPANY Cost of Goods Manufactured Schedule For the Month Ended May 31, 2022 Work in Process, May 1 Direct Materials Used Direct Labor Manufacturing Overhead Applied Total Manufacturing Costs Total Cost of Work in Process Less Work in Process, May 31 Cost of Goods Manufactured eTextbook and Media 71170 57000 45600 16690 173770 190460 18160 i 172300 Your answer is correct Prepare an income statement for May 2022 through gross profit. SHERIDAN COMPANY (Partial) Income Statement For the Month Ended May 31, 2022 Sales Revenue Cost of Goods Sold Finished Goods, May 1 Cost of Goods Manufactured Cost of Goods Available for Sale. 14330 4 172300 186630 Less : Finished Goods, May 31 10830 Cost of Goods Sold Gross Profit 245100 175800 1 69300