Apple Inc. recorded the following financial data for the fiscal year ending September 30, 2023:

• Beginning inventory: $500,000
• Purchases of raw materials: $3,000,000
• Direct labor costs: $2,000,000
• Manufacturing overhead costs: $1,500,000
• Ending inventory: $700,000
• Cost of goods sold: $5,300,000
• Sales revenue: $8,000,000
• Selling and administrative expenses: $1,000,000

Requirements:

• Calculate the cost of goods manufactured.
• Determine the gross profit.
• Compute the operating income before taxes.
• Prepare an income statement for the year ended September 30, 2023.
• Calculate the net income for the year.