Direct Material Inventory, January 1, 2020400.000WIP Inventory, January 1, 2020300.000Finished Goods Inventory, January 1, 2020360.000Utilities expense of administrative department120.000Interest Revenue300.000Rent expense of manufacturing plant1.000.000Sales return100.000Direct Material Purchase2.000.000Insurance expense of marketing vehicles440.000Depreciation Expense of Manufacturing Equipment800.000Depreciation expense of marketing vehicles780.000Sales Revenue12.000.000Utilities Expense of Marketing Department360.000Utilities expense of manufacturing department1.040.000Indirect Material320.000Sales Discount200.000Dividend Revenue400.000Indirect labor expense360.000Tax Expense20%Direct Labor Expense2.400.000Direct Material Inventory, December 31, 2020320.000WIP Inventory, December 31, 2020400.000Finished Goods Inventory, December 31, 2020160.000

Prepare a Cost of Goods Manufactured/Sold Statement and an Income Statement of Company A for the year 2020.