Income Statement and Supporting Schedules. The following financial information is for Industrial Company. $($Note that the most current financial information is presented in the first column.$)$

December $31,2021$ December $31,2020$

Raw materials inventory $ $24,000$ $ $30,000$

Work$-$in$-$process inventory $1,800,0001,650,000$

Finished goods inventory $1,050,0001,230,000$

Of the total raw materials placed in production for the year, $$36,000$ was for indirect materials. Industrial had $$3,795,000$ in sales for the year ended December $31,2021.$ The company also had the following costs for the year:

Selling $ $270,000$

General and administrative $ $720,000$

Raw materials purchases $ $300,000$

Direct labor used in production $ $375,000$

Manufacturing overhead $($not indirect materials$)$ $$1,890,000$

Required:

Prepare a schedule of raw materials placed in production for the year ended December $31,2021.$

Prepare a schedule of cost of goods manufactured for the year ended December $31,2021.$

Prepare a schedule of cost of goods sold for the year ended December $31,2021.$

Prepare an income statement for the year ended December $31,2021.$

Describe the three types of costs included in cost of goods sold on the income statement. $($Dollar amounts are not necessary in your descriptions.$)$