ABC Manufacturing Co. produces industrial machinery. For the year 2023, the company's financial data is as follows:

Ledgers:

• Direct Materials Used: $2,000,000
• Direct Labor Costs: $1,500,000
• Manufacturing Overhead: $800,000
• Administrative Expenses: $300,000
• Sales Revenue: $6,000,000

Requirements:

• Prepare ABC Manufacturing Co.'s income statement for the year ended December 31, 2023.
• Calculate the Cost of Goods Manufactured and Cost of Goods Sold.
• Determine the Gross Profit Margin and Net Income.
• Discuss strategies to improve profit margins by 15%.