The following information is available for Pharoah Company. (Assume all raw materials used were direct materials.) January 1, 2022 2022 December 31, 2022 Raw materials inventory $23,400 $27,000 Work in process inventory 16,650 19,960 Finished goods inventory 27,000 18,900 Materials purchased $153,000 Direct labor 207,000 Manufacturing overhead 162,000 Sales 720,000 Compute cost of goods manufactured. Cost of goods manufactured $ 515,090 Prepare an income statement through gross profit. Less < PHAROAH COMPANY Income Statement A +A 6A