Prepare an income statement for May 2022 through gross profit. PHAROAH COMPANY Cost of Goods Manufactured Schedule \$. $ PHAROAHCOMPANY (Partial) Balance sheet $ At May 31,2022, the accounts of Pharoah Company show the following. 1. May 1 inventories-finished goods $1,330, work in process $13,210, and raw materials $7,360. 2. May 31 inventories - finished goods $8,550, work in process $14,320, and raw materials $6,380. 3. Debit postings to work in proces were direct materials $56,170, direct labor $45,000, and manufacturing overhead applied $36,000. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $193,500