For the year 2023, Tesla, Inc. reported the following costs:

• Raw Materials Purchased: $7,000,000
• Direct Labor: $3,500,000
• Manufacturing Overhead: $3,000,000
• Beginning Raw Materials: $800,000
• Ending Raw Materials: $900,000
• Beginning Work in Process: $1,000,000
• Ending Work in Process: $1,200,000
• Beginning Finished Goods: $1,500,000
• Ending Finished Goods: $1,600,000
• Sales Revenue: $30,000,000
• Selling and Administrative Expenses: $5,000,000

Requirements:

1. Prepare a schedule of cost of goods manufactured.
2. Calculate the cost of goods sold.
3. Determine the gross profit.
4. Prepare an income statement for Tesla, Inc.