General Electric (GE) reported the following data for the year 2023:

• Direct Materials Used: $8,000,000
• Direct Labor: $5,000,000
• Manufacturing Overhead: $4,500,000
• Sales: $50,000,000
• Selling Expenses: $2,000,000
• Administrative Expenses: $1,500,000
• Beginning Work in Process Inventory: $600,000
• Ending Work in Process Inventory: $700,000
• Beginning Finished Goods Inventory: $1,800,000
• Ending Finished Goods Inventory: $1,900,000

Requirements:

1. Calculate the total manufacturing cost.
2. Compute the cost of goods manufactured.
3. Determine the cost of goods sold.
4. Prepare an income statement for the year 2023.