Prepare an income statement for May 2022 through gross profit. CRANE 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 15830 195930 66230 Less Finished Goods, May 31 11970 Cost of Goods Sold Gross Profit eTextbook and Media 270900 54260 216640 At May 31, 2022, the accounts of Crane Company show the following. 1. 2. 3. May 1 inventories-finished goods $15,830, work in process $18,430, and raw materials $10,240. May 31 inventories-finished goods $11,970, work in process $20,080, and raw materials $8,900. Debit postings to work in process were direct materials $78,670, direct labor $63,000, and manufacturing overhead applied $50,400. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $270,900.