4. The following information is available for the Merritt Corporation for the month of May:

Sales $200,000

Direct labor 22,000

Indirect materials (included in total factory overhead) 2,000

Advertising expense 4,000

Sales commissions 3,000

Total actual factory overhead 30,000

Raw materials purchased 25,000

Total factory overhead applied 27,000

Administrative salaries 6,000

Raw materials inventory May 1 16,000

Raw materials inventory May 31 13,000

Work in process inventory May 1 21,000

Work in process inventory May 31 22,000

Finished goods inventory May 1 34,000

Finished goods inventory May 31 36,000

Required: Prepare an income statement for the month of May. Show all details. You can show three separate sub-schedules or one detailed income statement.