Ford Motor Company provided the following cost data for the fiscal year 2023:

• Raw Materials Purchased: $12,000,000
• Direct Labor: $8,000,000
• Manufacturing Overhead: $7,500,000
• Beginning Raw Materials: $1,500,000
• Ending Raw Materials: $1,600,000
• Beginning Work in Process: $1,700,000
• Ending Work in Process: $1,800,000
• Beginning Finished Goods: $3,000,000
• Ending Finished Goods: $3,100,000
• Sales Revenue: $80,000,000
• Selling and Administrative Expenses: $10,000,000

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 Ford Motor Company.