Facebook's social media platform division reported the following data for the month of March 2023:

• Opening Work in Process Inventory: $400,000
• Direct Materials: $1,500,000
• Direct Labor: $1,000,000
• Manufacturing Overhead: $600,000
• Ending Work in Process Inventory: $500,000
• Sales Revenue: $7,000,000
• Marketing and Administrative Expenses: $1,300,000

Requirements:

1. Compute the Total Manufacturing Costs.
2. Calculate the Cost of Goods Manufactured.
3. Determine the Cost of Goods Sold.
4. Calculate the Gross Profit.
5. Prepare the detailed Income Statement for March 2023.