Following information was taken from Jamestown metal Works for the year ending December 31, XXXX: Sales $10,000,000 Finished Goods Inventory Jan 1 $800,000 Finished Goods Inventory Dec 31 $700,000 Raw Materials Inventory Jan 1 $150,000 Raw Materials Inventory Dec 31 $200,000 Raw Materials Purchased $1,000,000 Direct Labor (20,000 hrs at $30/hour $600,000 Overhead applied at rate of $20 per DLH Work in process Inventory, Jan 1 $100,000 Work in process Inventory, Dec 31 $125,000 Selling, general & administrative expenses $5,000,000 Required: 1. Prepare cost of goods manufactured schedule. 2. Prepare income statement with detailed cost of goods sold section.