Axteks Corporation has the following cost records for the year ended December 31, 2020:

Indirect factory labour		$5,180
Direct materials used		252,700
Work in process (1/1/2020)		31,900
Work in process (12/31/2020)		25,800
Finished goods (1/1/2020)		35,300
Finished goods (12/31/2020)		29,200
Factory utilities		41,600
Depreciation, factory equipment		34,800
Direct labour		301,400
Indirect materials		22,300
Factory managers salary		63,100
Selling and administrative expenses		348,000
Net sales		1,233,000
Factory machinery rent		42,800

Prepare a cost of goods manufactured schedule for 2020. Axteks Corporation Cost of Goods Manufactured Year Ended December 31, 2020 Work in Process, January 1 31900 Direct Materials Used 252700 Direct Labour 301400 Manufacturing Overhead Indirect Factory Labour 5180 Factory Utilities 41600 Depreciation, Factory Equipment 34800 Indirect Materials 22300 Factory Manager's Salary 63100 Factory Machinery Rent 42800 Total Manufacturing Overhead 209780 Total Manufacturing Cost 763880 Total Cost of Work in Process 795780 Less . Work in Process, December 31 (25800) Cost of Goods Manufactured 769980 Prepare an income statement for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Axteks Corporation Income Statement Year Ended December 31, 2020 Net Sales $ 1233000 Cost of Goods Sold Finished Goods Inventory, January 1 35300 Cost of Goods Manufactured 769980 Cost of Goods Available for Sale 805280 Less . Finished Goods Inventory, December 31 29200 Cost of Goods Sold 776080 Gross Profit 456920 Selling and Administrative Expenses 348000 Net Profit/ (Loss) 108920