Materials imentory, May 1 Materials inventory, May 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during May Total manufacturing costs Work in process inventory, May 1 Work in process imventory, May 31 Cost of goods manufactured Finished goods inventory, May 1 Finished goods inventory, May 31 Sales Cost of goods soid Gross profit Operating expenses Net income (c) (c) 382,000 c) 615,000 2,491,500 596,500 9,220,000 (d) (e) 1,000,000 (f) (d) 190,000 (d) 4,550,000 2,470,000 (e) (f) 1,500,000