Amazon's logistics division has reported the following costs and data for the fiscal year 2023:

• Beginning Inventory: $400,000
• Purchases: $2,000,000
• Ending Inventory: $500,000
• Direct Labor: $1,000,000
• Manufacturing Overhead: $700,000
• Sales: $5,000,000
• General & Administrative Expenses: $800,000

Requirements:

1. Calculate the Cost of Goods Available for Sale.
2. Determine the Cost of Goods Sold.
3. Compute the Gross Profit.
4. Calculate the Net Profit.
5. Prepare a detailed Income Statement for the fiscal year 2023.