Apple Inc. reported the following data for the production of its iPhones in the quarter ending June 2023:

• Beginning Work in Process Inventory: $300,000
• Direct Materials Used: $1,200,000
• Direct Labor: $800,000
• Manufacturing Overhead: $600,000
• Ending Work in Process Inventory: $400,000
• Finished Goods Inventory: $900,000
• Sales Revenue: $4,000,000
• Administrative Expenses: $500,000

Requirements:

1. Calculate the total Manufacturing Costs.
2. Prepare the Cost of Goods Manufactured statement.
3. Compute the Cost of Goods Sold.
4. Calculate the Gross Margin.
5. Create the Income Statement for the quarter ending June 2023.